Guidance
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FY2026 Q2
Raised
Gilead Sciences, Inc. earnings call
Buzzberg read
Gilead ups full-year HIV sales growth guidance to 9-10%
Gilead reported strong Q2 2026 results driven by its HIV portfolio, Tredelvey, and Livdelzi, raising FY2026 guidance for total product sales. The company highlighted significant progress in its HIV pipeline with multiple long-acting options and a strong PrEP franchise, while also advancing its oncology portfolio through acquisitions and new approvals. Base business sales grew 10% year-over-year, with HIV sales up 12% driven by Biktarvy and the PrEP franchise.
Buzzberg read Gilead ups full-year HIV sales growth guidance to 9-10% Gilead reported strong Q2 2026 results driven by its HIV portfolio, Tredelvey, and Livdelzi, raising FY2026 guidance for total product sales. The company highlighted significant progress in its HIV pipeline with multiple long-acting options and a strong PrEP franchise, while also advancing its oncology portfolio through acquisitions and new approvals. Base business sales grew 10% year-over-year, with HIV sales up 12% driven by Biktarvy and the PrEP franchise. Read full analysisCollapse analysis
Gilead reported strong Q2 2026 results driven by its HIV portfolio, Tredelvey, and Livdelzi, raising FY2026 guidance for total product sales. The company highlighted significant progress in its HIV pipeline with multiple long-acting options and a strong PrEP franchise, while also advancing its oncology portfolio through acquisitions and new approvals. Base business sales grew 10% year-over-year, with HIV sales up 12% driven by Biktarvy and the PrEP franchise.
- Yes2Go, a long-acting injectable PrEP, is established as the leading option with persistency rates over 70% and full-year sales target of approximately $1 billion.
- Tredelvy sales grew 26% year-over-year, driven by new approvals in first-line metastatic TNBC.
- Gilead raised its FY2026 total product sales guidance to $30.1-$30.4 billion and HIV growth guidance to 9-10%.
Revenue$7.803B+12% QoQ
EPS$-6.75Reported
Free cash flow$3.69B+52% QoQ
Capex$0.117BReported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
PrEP business reaches $4 billion annual run rate
Adoption
Yes2Go persistency at over 70% for reinjection
Show 3 more callouts
Pipeline
BicLen FDA decision expected by August 27
Pipeline
ISLEN weekly oral HIV regimen targets 2027 launch
Clinical Data
GS8824 shows 61% response rate in ovarian cancer
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $7.803B | +12% QoQ |
| EPS | $-6.75 | Reported |
| Free cash flow | $3.69B | +52% QoQ |
| Capex | $0.117B | Reported |
| Net income | $-2.021B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Revenue | FY2026 | $30.1B–$30.4B | $30.25B | Raised |
AI, capex & demand read
Management read
Confident
Management highlighted strong commercial execution, raised full-year HIV guidance, and pointed to multiple upcoming catalysts, reflecting a confident outlook.
all 5 named companies below
Companiesreturns since call
Partners
PRGN
Partners
Dietmar Berger
The collaboration with PreGene is set to accelerate the development of Gilead's in vivo CAR-T platform with two investigator-sponsored studies, indicating a positive step for the platform.
Evidence
“And our collaboration with PreGene enables Speed2Clinic, where we will start exploring our updated in vivo platform in two investigator-sponsored studies later this year.”
Partners
Dietmar Berger
The HIV PrEP market itself is growing rapidly, and Gilead's overall PrEP business is now at a $4 billion annual run rate, significantly outpacing the market. — Gilead is expanding the entire PrEP market while gaining share, potentially impacting competitors like Merck's future prevention products.
Evidence
“highlights included oral presentations with a simultaneous publication in the New England Journal of Medicine on Gilead and Merck's once-weekly oral regimen, combining isletrovir plus lanacapivir, or ISLEN.”
Investees
Investees
Daniel O'Day
Gilead acquired full ownership of Arcelix's assets, indicating a positive view of its technology and a heightened focus to execute on its pipeline.
Evidence
“The completed acquisition of Arcelex has given us full ownership of a NitoCell enabling faster, more focused execution in multiple myeloma, as well as the D-domain binder platform for future opportunities”
Investees
Daniel O'Day
Gilead's acquisition of Tubulus brings an industry-leading ADC platform, signalling a positive outlook for its oncology pipeline and future growth.
Evidence
“The acquisition of Tubulus has now closed, providing Gilead with an industry-leading ADC platform and Promising Clinical Stage ADCs.”
OROM
Investees
Dietmar Berger
The acquisition of Oro medicines adds bispecific T-cell engager assets to Gilead's pipeline, indicating a diversification and strengthening of its oncology portfolio.
Evidence
“We expanded the breadth of our innovation engine through the acquisitions of Arcelix, Tubalys, and Oromedicins, adding differentiated and potentially best-in-class cell therapy, antibody drug conjugate, and bispecific T-cell engager assets.”
External signals
Supply-chain alpha · 1returns since call
The HIV PrEP market itself is growing rapidly, and Gilead's overall PrEP business is now at a $4 billion annual run rate, significantly outpacing the market.
Evidence
“The U.S. PrEP market grew approximately 14% year-over-year, marking another quarter of double-digit percentage growth on an increasingly larger base of users. Gilead PrEP sales growth of over 100% has once again significantly outpaced the…”
Methodology & coverage
Management-only analysis. All 5 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.