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FOSTER CITY, Calif.--(BUSINESS WIRE)--Gilead Opens State-of-the-Art Research Center to Advance the Next Generation of Medicines.

In the latest trading session, Gilead Sciences (GILD - Free Report) closed at $146.64, marking a -2.88% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 0.58%. Meanwhile, the Dow experienced a drop of 1.18%, and the technology-dominated Nasdaq saw a decrease of 0.32%.

Shares of the HIV and hepatitis C drugmaker have appreciated by 13.48% over the course of the past month, outperforming the Medical sector's gain of 2.73%, and the S&P 500's loss of 0.36%.

The investment community will be paying close attention to the earnings performance of Gilead Sciences in its upcoming release. On that day, Gilead Sciences is projected to report earnings of $2.15 per share, which would represent a year-over-year decline of 12.96%. Simultaneously, our latest consensus estimate expects the revenue to be $7.79 billion, showing a 0.3% escalation compared to the year-ago quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.48 per share and a revenue of $30.74 billion, signifying shifts of -105.89% and +4.39%, respectively, from the last year.

Investors should also take note of any recent adjustments to analyst estimates for Gilead Sciences. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 6.01% higher. Gilead Sciences is currently a Zacks Rank #3 (Hold).

The Medical - Biomedical and Genetics industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 162, positioning it in the bottom 35% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Gilead Sciences (GILD -0.15%) has no major concerns about its HIV franchise until the next decade. That hasn't kept the pharmaceutical company from preparing for the loss of exclusivity for its legacy HIV therapies. Gilead has spent heavily on its pipeline, and that's paying off.

The company has received three Food and Drug (FDA) approvals over the past four months, and not coincidentally, its shares are up more than 21% so far this year, nearly doubling the S&P 500 index's rise. The most recent approval was on Aug. 27 for Bixlenvo as a daily pill to treat virologically suppressed adults with HIV.

Prior to that, on June 24, Trodelvy received two new approvals to treat triple-negative breast cancer. On May 22, the FDA granted Hepcludex accelerated approval to treat chronic hepatitis delta virus (HDV) infection in adults without cirrhosis or with compensated cirrhosis.

Despite the stock's rise and all the good news on the pipeline front, Gilead may be underrated. There are three reasons why I feel that is the case.

Image source: Getty Images.

More approvals are on the way Multiple myeloma therapy anito-cel could begin generating revenue as early as the end of this year. The BCMA-directed CAR T-cell therapy showed a 96% overall response rate and 74% complete response rate in heavily pretreated patients. The drug's Prescription Drug User Fee Act (PDUFA) target date is Dec. 23.

The PDUFA target date for once-weekly oral Yeztugo for HIV pre-exposure prophylaxis (PrEP) is set for Feb. 2. If approved, it would be the first long-acting oral PrEP option on the market, offering an alternative for individuals who prefer pills to twice-yearly injections. Also on the horizon in 2027 is the once-weekly oral combination treatment of lenacapavir with Merck therapy islatravir to treat virologically suppressed adults with HIV.

The company looks like a bargain on several fronts The company, whether you look at trailing earnings or forward earnings, is priced well below its competitors, with the lone exception of GSK. Gilead allows investors to be patient by combining a growing dividend with opportunistic stock buybacks, including $774 million in the first half of 2026. Both provide defensive downside protection for investors.

Gilead raised its quarterly dividend by 3.8% this year to $0.82, the 11th consecutive year it has increased its dividend. The dividend yield is above average at 2.15% of the stock's current price. The company has boosted its dividend by nearly 75% over the past decade.

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Financially, the company's footing is solid. It reported $7.6 billion in revenue in the second quarter, up 8% year over year, and said it expects yearly revenue to be between $30.1 billion and $30.4 billion, compared to $29.44 billion in 2025. Q2 adjusted earnings per share (EPS) were $2.27, up 13% over the same period a year ago.

Dominant HIV cash generation Gilead maintains an industry-leading position in the HIV prevention and treatment market. Its flagship daily regimen, Biktarvy, commands significant market share with a patent runway extending to 2036. Descovy has a patent runway that ends in 2031 but likely will extend with successful litigation defense and strategic generic settlements.

Biktarvy had $3.8 billion in Q2 sales, up 8% year over year. For the first time in Q2, the company topped $1 billion in PrEP sales, up 101% year over year. The rise was led by Descovy, with sales of $801 million, up 60% over the same period last year. In 2024, Gilead said it plans seven new HIV launches by the end of 2033, and it seems to be following through on that promise.

Concerns, but definitely a buy The market, while weighing the company's overreliance on HIV therapies, often underappreciates the strength of Gilead's underlying gross margins, which are consistently above 80% and were 87% in Q2. Those margins grant management financial flexibility to navigate macroheadwinds and execute disciplined bolt-on acquisitions without taking on unmanageable balance sheet risk. The company has improved its debt-to-equity ratio by more than 34% over the past decade.

Crucially, Gilead is positioning itself for a multi-decade growth phase through breakthrough innovations in long-acting HIV prevention and treatment. The cornerstone of this shift is Yeztugo, an oral PrEP option that promises to redefine HIV prevention standards and usher in a massive new market expansion.

A month has gone by since the last earnings report for Gilead Sciences (GILD - Free Report) . Shares have added about 13.6% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Gilead due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Gilead Sciences, Inc. before we dive into how investors and analysts have reacted as of late.

GILD Q2 Earnings Beat on HIV and Trodelvy Growth, Product Sales Outlook Raised

Gilead Sciences reported a second-quarter 2026 adjusted loss of $6.75 per share, narrower than the Zacks Consensus Estimate of a loss of $7.07. In the year-ago quarter, GILD posted adjusted earnings of $2.01 per share.

The significant decline was due to acquired in-process research and development (IPR&D) expenses related to the acquisitions of Arcellx, Tubulis and Ouro Medicines.

Revenues increased 10% year over year to $7.80 billion, which beat the Zacks Consensus Estimate of $7.37 billion. Growth was driven by the HIV portfolio, along with Trodelvy and Livdelzi. Product sales, excluding Veklury, rose 10% to $7.60 billion.

GILD's HIV Franchise Drives Growth

HIV product sales increased 12% year over year to $5.69 billion, reflecting higher average realized prices and demand. The figure beat the Zacks Consensus Estimate of $5.4 billion and our model estimate of $5.35 billion.

Flagship HIV therapy Biktarvy sales rose 7% to $3.80 billion, driven by pricing, favorable inventory dynamics and higher demand. Sales surpassed the Zacks Consensus Estimate of $3.65 billion and our model estimate of $3.72 billion.

Biktarvy continues to lead as the regimen of choice for both naive and switch patients across major markets.

Descovy sales jumped 48% to $967 million, comfortably exceeding the Zacks Consensus Estimate of $750 million and our model estimate of $701 million. The increase reflected higher demand and realized prices, particularly in HIV prevention.

Incremental sales of newly approved Yeztugo (lenacapavir) for pre-exposure prophylaxis (PrEP) also boosted HIV product sales. Yeztugo generated sales of $232 million in the second quarter.

Driven by a $4 billion annualized PrEP business and the continued strong performance of Biktarvy, Gilead raised its full-year HIV sales growth guidance to 9-10% from the previous 8% forecast. GILD continues to expect Yeztugo sales of approximately $1 billion in 2026.

Gilead's Liver Disease Portfolio Sales Advance

Liver Disease portfolio sales increased 10% to $877 million. The figure topped the Zacks Consensus Estimate of $800 million and our model estimate of $787 million. Higher demand for Livdelzi, hepatitis B treatments and Hepcludex more than offset lower hepatitis C product sales.

GILD's Cell Therapy Sales Face Pressure

Cell Therapy sales declined 14% year over year to $417 million amid continued competitive headwinds. The figure matched the Zacks Consensus Estimate but came below our model estimate of $418.8 million.

Yescarta sales decreased 12% to $346 million due to competition. Tecartus sales fell 24% to $70 million because of in-class competition.

Gilead now expects full-year Cell Therapy sales to decline by a mid-teens percentage.

Trodelvy Boosts GILD’s Q2 Revenues

Trodelvy sales increased 26% year over year to $457 million, beating the Zacks Consensus Estimate of $448 million and our model estimate of $427 million. Growth reflected stronger demand across triple-negative and previously treated HR-positive/HER2-negative metastatic breast cancer.

The recent first-line metastatic triple-negative breast cancer approvals expand Trodelvy's addressable population. Management said adoption has broadened following regulatory approvals and treatment guideline updates.

Gilead's Costs Reflect Acquisition Charges

Adjusted product gross margin remained unchanged year over year at 86.9%. Adjusted research and development expenses declined 1% to $1.43 billion, as lower oncology clinical study activity offset costs associated with newly acquired businesses.

Adjusted selling, general and administrative expenses increased 12% to $1.52 billion, mainly due to higher HIV promotional spending. Acquired in-process research and development expenses totaled $11.2 billion, primarily related to the Arcellx, Tubulis and Ouro Medicines acquisitions.

As of June 30, 2026, Gilead's cash, cash equivalents and marketable debt securities totaled $3.2 billion, down from $10.6 billion as of Dec. 31, 2025. The decline was primarily due to $11.3 billion in acquisition-related cash outflows, $2.8 billion in debt repayments, $2.1 billion in dividend payments and $774 million in share repurchases.

These acquisition-related charges were the main reason for the adjusted quarterly loss. Excluding the acquisitions and nonrecurring other revenues, management indicated that adjusted earnings would have been $2.27 per share.

GILD Raises 2026 Base Business Outlook

Gilead now expects product sales of $30.10-$30.40 billion in 2026, up from the earlier expectation of $30.00-$30.40 billion. Product sales excluding Veklury are projected to be in the band of $29.80-$30.10 billion, up from the previous guidance of $29.40-$29.80 billion.

Veklury sales are now expected to be approximately $300 million, down from the earlier forecast of around $600 million, reflecting fewer COVID-19-related hospitalizations. Adjusted loss per share is projected to be between 30 cents and 65 cents compared with the previous loss guidance of 65 cents-$1.05.

The improved adjusted earnings outlook reflects stronger base-business sales.

Key Pipeline and Regulatory Updates From GILD

The FDA accepted Gilead's supplemental new drug application for Yeztugo (lenacapavir) 300 mg tablets as a potential once-weekly oral HIV PrEP regimen, with a target date of Feb. 2, 2027.

Gilead and partner Merck reported positive phase III results from the ISLEND-1 and ISLEND-2 studies, demonstrating the potential of the investigational once-weekly oral combination of islatravir and lenacapavir in virologically suppressed adults with HIV.

The FDA also granted accelerated approval to Hepcludex for the treatment of chronic hepatitis D virus (HDV) infection in adults without cirrhosis or with compensated cirrhosis, making it the first and only FDA-approved therapy for HDV in the United States.

Trodelvy received FDA approval for first-line metastatic triple-negative breast cancer (mTNBC), as a monotherapy for patients who are not candidates for PD-1/PD-L1 inhibitor-based therapy or in combination with Merck’s Keytruda (pembrolizumab) or Keytruda Qlex (pembrolizumab and berahyaluronidase alfa-pmph) for patients whose tumors express PD-L1 (CPS ≥10).

The European Commission approved Trodelvy monotherapy for first-line unresectable locally advanced or metastatic TNBC in patients ineligible for PD-1/PD-L1 therapy.

However, Gilead and partner Merck announced that the phase III EVOKE-03 study was discontinued. The study was evaluating Trodelvy plus Keytruda in first-line PD-L1-high metastatic non-small cell lung cancer after an independent review found the study was unlikely to meet its efficacy goals.

How Have Estimates Been Moving Since Then?It turns out, estimates review flatlined during the past month.

VGM ScoresCurrently, Gilead has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Following the exact same course, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook Gilead has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerGilead belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Bristol Myers Squibb (BMY - Free Report) , has gained 6.3% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Bristol Myers reported revenues of $12.97 billion in the last reported quarter, representing a year-over-year change of +5.7%. EPS of $2.04 for the same period compares with $1.46 a year ago.

Bristol Myers is expected to post earnings of $1.68 per share for the current quarter, representing a year-over-year change of +3.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +1%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Bristol Myers. Also, the stock has a VGM Score of B.

Gilead Sciences (GILD - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

Therefore, the Zacks rating upgrade for Gilead basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

For Gilead, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for GileadThis HIV and hepatitis C drugmaker is expected to earn -$0.49 per share for the fiscal year ending December 2026, which represents no year-over-year change.

Analysts have been steadily raising their estimates for Gilead. Over the past three months, the Zacks Consensus Estimate for the company has increased 41.1%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Gilead to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Key Takeaways Gilead won EU approval for Trodelvy plus Keytruda in first-line metastatic TNBC with PD-L1 expression.Trodelvy cut disease progression or death risk by 35% versus chemotherapy plus Keytruda in ASCENT-04.Trodelvy sales rose 26% to $457 million in Q2, driven by stronger demand across breast cancers. Gilead Sciences, Inc.  (GILD - Free Report) recently announced that the European Commission (EC) has approved label expansion of the breast cancer drug Trodelvy (sacituzumab govitecan-hziy).

The EC granted marketing authorization to Trodelvy in combination with Merck’s (MRK - Free Report) Keytruda (pembrolizumab) for the treatment of adult patients with unresectable, locally advanced or metastatic triple-negative breast cancer (TNBC) who have not received prior systemic therapy for metastatic disease and whose tumors express PD-L1 with a combined positive score (CPS ≥10).

Trodelvy, a first-in-class Trop-2-directed antibody-drug conjugate (ADC), is already approved in several countries for second-line or later metastatic TNBC and in more than 50 countries for certain patients with pre-treated HR+/HER2- metastatic breast cancer (mBC).

Per GILD, Trodelvy plus Keytruda is the first and only ADC plus immunotherapy combination to be approved in first-line metastatic TNBC in the European Union’s 27 member states, as well as Norway, Iceland and Liechtenstein.

Shares of GILD have gained 20.4% year to date compared with the industry’s growth of 10.7%.

Image Source: Zacks Investment Research

More on EC’s Latest Label Expansion of GILD’s TrodelvyThe latest EC approval is based on positive results from the late-stage ASCENT-04/KEYNOTE-D19 study, which showed a statistically significant and clinically meaningful improvement in progression-free survival with Trodelvy plus Keytruda compared with standard-of-care chemotherapy plus Keytruda as a first-line treatment. In the study, Trodelvy reduced the risk of disease progression or death by 35% in patients with PD-L1-positive metastatic TNBC.

The latest decision follows the EC’s recent approval of Trodelvy as a monotherapy for adults with unresectable, locally advanced or metastatic TNBC who have not received prior systemic therapy for metastatic disease and are not eligible for PD-1 or PD-L1 inhibitor treatment.

Together, the approvals position Trodelvy as a potential backbone therapy for first-line metastatic TNBC in Europe, regardless of PD-L1 status. The expanded indication offers a new treatment option for patients with this aggressive form of breast cancer at the onset of metastatic disease.

Trodelvy is also approved in first-line mTNBC in the United States, either as a single agent for patients who are not candidates for PD-(L)1 inhibitor-based therapy or in combination with Keytruda (pembrolizumab) or Keytruda Qlex (subcutaneous injection of Keytruda) for patients whose tumors express PD-L1 (CPS ≥10) as determined by an FDA-authorized test.

The drug is currently being evaluated in multiple ongoing late-stage studies across a range of tumor types with high Trop-2 expression, including lung and gynecologic cancers, where previous proof-of-concept studies have demonstrated clinical activity.

Merck and Gilead Sciences had earlier announced discontinuation of the phase III KEYNOTE-D46/EVOKE-03 study evaluating Trodelvy in combination with Keytruda as a first-line treatment for patients with metastatic non-small cell lung cancer (NSCLC) whose tumors express high levels of PD-L1 (TPS ≥50%).

GILD’s Efforts to Diversify Revenue BaseThe recent label expansions are expected to strengthen Trodelvy's commercial opportunity and reinforce its position as a key growth driver within Gilead's oncology portfolio.

Trodelvy sales increased 26% year over year to $457 million in the second quarter, driven by stronger demand across triple-negative and previously treated HR-positive/HER2-negative metastatic breast cancer.

GILD is looking to strengthen its oncology franchise and diversify its revenue base, which is highly concentrated on HIV business.

Gilead’s recent aggressive dealmaking strategy, including the acquisitions of Arcellx and Tubulis, underscores its commitment to diversifying beyond its core HIV franchise and expanding into higher-growth oncology and immunology markets.

Gilead recently delivered a strong second quarter, with both earnings and revenues exceeding expectations. The HIV franchise remains the principal growth engine, supported by Biktarvy's durability and rapid expansion of the prevention business.
Descovy and Yeztugo’s strong performance is boosting the top-line growth. Per GILD, Yeztugo has quickly become the leading long-acting PrEP option for new patient starts.

Approval of additional better treatments should bolster GILD’s HIV franchise in the wake of increasing competition from the likes of GSK plc (GSK - Free Report) .

HIV sales account for a major chunk of GSK’s Specialty Medicines portfolio. GSK continues to grow its HIV business, driven by strong patient demand for long-acting injectable medicines (Cabenuva and Apretude) and Dovato. The solid growth from these drugs has helped GSK combat the decline in Triumeq sales.

GILD’s Zacks Rank

FOSTER CITY, Calif.--(BUSINESS WIRE)-- #GILD--Gilead Sciences, Inc. (Nasdaq: GILD) announced today that its executives will be speaking at the following investor conferences: Wells Fargo Annual Healthcare Conference on Wednesday, September 9 at 11:00 AM Eastern Time Cantor Global Healthcare Conference on Thursday, September 10 at 10:55 AM Eastern Time Morgan Stanley Global Healthcare Conference on Tuesday, September 15 at 10:45 AM Eastern Time The live webcasts can be accessed at the company's investor.

watch now

The Food and Drug Administration approved a once-daily HIV pill from Gilead that could help simplify care for some patients, the company announced Thursday. 

The drug, marketed as Bixlenvo, is aimed at patients whose virus is already under control but who remain on complicated treatment regimens. It could also appeal to those who simply want to switch to a new treatment alternative.

The tablet combines bictegravir, the backbone of Gilead's blockbuster HIV pill Biktarvy, with lenacapavir, a first-in-class capsid inhibitor that has become a centerpiece of the company's long-term strategy for HIV treatment and prevention. 

The approval makes the new pill the first single-tablet regimen available for adults with HIV whose virus is suppressed but are unable to use currently available one-pill treatment options, according to Gilead. That population accounts for an estimated 5% or more of individuals in the U.S. living with HIV, the company told CNBC. 

The list price of the pill before discounts or rebates is $4,595 for a 30-day supply, which is in line with other daily single-tablet HIV treatments, Gilead told CNBC. People without health insurance may be eligible to get Bixlenvo for free through Gilead's patient assistance program, while those with commercial or private insurance may be able to receive co-pay support through another savings program, the company said.

"It fulfills an unmet need, particularly for individuals who are on complex regimens who just would not otherwise consolidate down to something really meaningful for them and prescribers," Dr. Jared Baeten, Gilead's clinical development and virology therapeutic area head, said in an interview ahead of the approval. 

"But it's also meaningful for individuals who are seeking options for something new," he continued. "We want to build options that give people the opportunity to choose something that's going to work for them and work for them for the long haul."

There is no cure for HIV or AIDS. But many people living with HIV can manage the disease by taking a single pill daily, a treatment plan that Gilead helped pioneer two decades ago. 

But some patients can't use any existing one-tablet options like Biktarvy and require more complex combinations of medicines because of drug resistance from older therapies, side effects or interactions with other drugs, among other treatment challenges. Those patients may have to take multiple pills a day and adhere to complicated dosing schedules.

Baeten said that group tends to be older and have long treatment histories, saying "some had to take handfuls of pills around 25 years ago." HIV also accelerates complications of aging, such as heart disease, diabetes and high cholesterol, in that age group, he added. 

"It's incredibly meaningful to develop a medicine, in my perspective, for people aging with HIV," Baeten said. 

The new pill is also aimed at people who are doing well on a single-tablet regimen, including Biktarvy, and want to switch to a new one. Baeten stressed that Bixlenvo does not aim to replace Biktarvy. 

For patients already doing well on Biktarvy, the rationale for switching is more about expanding treatment choices, he said. He emphasized that HIV care is highly individualized and that long-term success often depends on finding a regimen that best fits a patient's preferences and lifestyle.

Baeten also said Bixlenvo is part of Gilead's broader effort to build a range of HIV treatment options around lenacapavir, including daily pills, weekly oral regimens and long-acting injectable therapies. The goal is to give patients flexibility to choose how they want to manage the disease, he said.

"We're going to build enough options that people can make the choice that's going to work for them," Baeten said. "Some people like the surety of once a day, and some people would want 'set it and forget it' once every six months."

What Bixlenvo is like for patientsBaeten called it "essential" to have more than one medicine to treat HIV because the virus can become resistant to an initial treatment.

Combining bictegravir and lenacapavir in one pill allows it to "hit the virus in two different ways" with "high efficacy [and] strong protection" against the virus becoming resistant to treatment, Baeten added.

The approval is based on two Phase 3 trials, which evaluated Bixlenvo in adults with HIV whose virus was already suppressed on treatment. That includes people who switched from Biktarvy or complex treatment regimens with multiple tablets. 

The first trial – ARTISTRY-1 – specifically enrolled patients with long treatment histories and drug resistance, many of whom were taking multiple HIV medications each day. Participants had a median age of 60 and were taking between two and 11 pills daily before switching to Bixlenvo. 

In both studies, the pill maintained viral suppression at rates comparable to patients' previous regimens at 48 weeks and was generally well tolerated with no new safety concerns. The most common side effects reported in at least 2% of participants across the two trials was headache, nausea and diarrhea. 

Timothy Cameron, a 64-year-old retired Seattle resident who has been living with HIV for more than 40 years, was among the participants in the first Phase 3 trial.

When he was first diagnosed in the 1980s, doctors had few treatment options and little ability to measure how active the virus was. He spent decades cycling through HIV medications, experimental drugs and multi-pill regimens that often came with difficult side effects and eventually stopped working against his "hard-to-treat" virus.

"It was just like throwing darts at a dartboard," Cameron said. "Because I had done so many drug trials and monotherapy, my virus had become super resistant."

A few years before enrolling in the Gilead study, Cameron finally found a regimen that controlled his virus, though it required taking one HIV pill twice daily along with another medication. His doctor encouraged him to join the trial and switch to Bixlenvo, a once-daily pill Cameron described as "smaller than my pinky nail."

The transition was seamless, he said. The drug maintained control of his virus without causing side effects and simplified his treatment routine by reducing the number of pills he takes and consolidating all of his medications into a single daily schedule.

For Cameron, who spent decades exhausting HIV treatment options as his virus developed resistance, among the biggest benefits may be that the two-drug regimen effectively controls his virus while exposing him to fewer medications. He said that gives him confidence that additional treatment options could remain available in the future if he ever needs them.

"It's one less thing I'm putting in my body, and it preserves options if I need them," Cameron said.

Bamco Inc. NY reduced its holdings in shares of Gilead Sciences, Inc. (NASDAQ:GILD – Free Report) by 40.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,000 shares of the biopharmaceutical company’s stock after selling 12,000 shares during the period. Bamco Inc. NY’s holdings in Gilead Sciences were worth $2,274,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GILD. Strategic Investment Solutions Inc. IL acquired a new position in Gilead Sciences in the fourth quarter valued at approximately $25,000. Persistent Asset Partners Ltd acquired a new stake in shares of Gilead Sciences during the 2nd quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC increased its stake in shares of Gilead Sciences by 71.4% in the 4th quarter. Vermillion & White Wealth Management Group LLC now owns 204 shares of the biopharmaceutical company’s stock valued at $25,000 after acquiring an additional 85 shares in the last quarter. Quattro Advisors LLC acquired a new position in shares of Gilead Sciences during the 4th quarter valued at $26,000. Finally, Wealth Preservation Advisors LLC grew its holdings in Gilead Sciences by 60.0% in the fourth quarter. Wealth Preservation Advisors LLC now owns 216 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 81 shares during the period. 83.67% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Gilead Sciences In related news, Director Jeffrey Bluestone sold 5,000 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $145.02, for a total transaction of $725,100.00. Following the completion of the sale, the director owned 10,066 shares in the company, valued at approximately $1,459,771.32. This represents a 33.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony Welters sold 18,000 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $148.62, for a total value of $2,675,160.00. Following the completion of the sale, the director directly owned 12,894 shares of the company’s stock, valued at $1,916,306.28. The trade was a 58.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 105,000 shares of company stock valued at $14,238,120 over the last 90 days. Corporate insiders own 0.30% of the company’s stock.

Gilead Sciences Stock Up 0.5% Shares of NASDAQ GILD opened at $148.86 on Friday. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 1.09. The company has a 50-day moving average price of $133.81 and a 200-day moving average price of $136.55. The stock has a market capitalization of $184.58 billion, a P/E ratio of -55.75 and a beta of 0.32. Gilead Sciences, Inc. has a 1 year low of $108.46 and a 1 year high of $157.29. Gilead Sciences (NASDAQ:GILD – Get Free Report) last posted its earnings results on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share for the quarter, topping analysts’ consensus estimates of ($7.25) by $0.50. Gilead Sciences had a negative net margin of 10.64% and a negative return on equity of 2.11%. The company had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.40 billion. During the same quarter in the prior year, the business posted $2.01 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts forecast that Gilead Sciences, Inc. will post -0.5 EPS for the current fiscal year.

Gilead Sciences Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, September 15th. Gilead Sciences’s dividend payout ratio (DPR) is currently -122.85%.

Key Headlines Impacting Gilead Sciences Here are the key news stories impacting Gilead Sciences this week:

Positive Sentiment: The U.S. Food and Drug Administration approved Bixlenvo, Gilead’s once-daily single-tablet HIV regimen combining bictegravir and lenacapavir. It is the first and only single-tablet option for virologically suppressed adults on complex treatment regimens who cannot use currently available alternatives. The approval could broaden Gilead’s HIV franchise and supports its strategy of using lenacapavir in long-term HIV treatment and prevention. Reuters FDA approval article Positive Sentiment: The European Commission approved Trodelvy plus Keytruda for certain first-line metastatic triple-negative breast cancer patients. The label expansion strengthens Gilead’s oncology franchise and provides another potential source of revenue growth beyond its core HIV business. EU Trodelvy approval article Positive Sentiment: Recent investor commentary points to continued optimism around Gilead’s HIV prevention medicines, including the potential growth of its PrEP portfolio. Analysts and investors also view the stock as potentially undervalued relative to its fundamentals despite a strong five-year performance, which may support further interest. Gilead HIV catalyst article Neutral Sentiment: Gilead will present at the Wells Fargo, Cantor and Morgan Stanley healthcare conferences in September. These events could provide updates on Bixlenvo, HIV prevention, Trodelvy and the broader pipeline, but they do not create an immediate change to financial results. Gilead investor conferences announcement Negative Sentiment: Director Anthony Welters sold 18,000 shares worth approximately $2.68 million, reducing his holdings by about 58%. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, which makes it a weaker bearish signal than a discretionary insider sale, but it may still modestly weigh on sentiment. SEC insider transaction filing Analyst Ratings Changes Several equities research analysts have weighed in on the stock. Leerink Partners downgraded shares of Gilead Sciences from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $146.00 to $127.00 in a research note on Tuesday, July 21st. Royal Bank Of Canada raised their target price on Gilead Sciences from $120.00 to $123.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 5th. Barclays decreased their target price on Gilead Sciences from $155.00 to $145.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. HSBC raised Gilead Sciences from a “hold” rating to a “buy” rating and upped their price target for the stock from $133.00 to $155.00 in a research note on Monday, July 6th. Finally, Maxim Group raised Gilead Sciences from a “hold” rating to a “buy” rating and set a $165.00 price objective for the company in a research note on Wednesday, May 20th. Twenty-four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $158.04.

Get Our Latest Stock Analysis on GILD

(Free Report)

Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.

Gilead’s product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.

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Beacon Pointe Advisors LLC decreased its position in shares of Gilead Sciences, Inc. (NASDAQ:GILD – Free Report) by 25.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,695 shares of the biopharmaceutical company’s stock after selling 23,036 shares during the period. Beacon Pointe Advisors LLC’s holdings in Gilead Sciences were worth $8,428,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Aviva PLC raised its position in Gilead Sciences by 5.4% in the 4th quarter. Aviva PLC now owns 1,156,738 shares of the biopharmaceutical company’s stock worth $141,978,000 after purchasing an additional 59,782 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new stake in shares of Gilead Sciences in the 4th quarter valued at $1,418,000. Bank of Nova Scotia acquired a new stake in shares of Gilead Sciences in the 2nd quarter valued at $100,056,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Gilead Sciences during the second quarter worth $55,754,000. Finally, Harvest Fund Management Co. Ltd lifted its stake in shares of Gilead Sciences by 14.4% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 106,526 shares of the biopharmaceutical company’s stock valued at $13,075,000 after acquiring an additional 13,385 shares during the period. Institutional investors own 83.67% of the company’s stock.

Insider Activity at Gilead Sciences In other news, Director Jeffrey Bluestone sold 5,000 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $145.02, for a total value of $725,100.00. Following the sale, the director owned 10,066 shares of the company’s stock, valued at $1,459,771.32. The trade was a 33.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew D. Dickinson sold 3,000 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $138.36, for a total transaction of $415,080.00. Following the sale, the chief financial officer directly owned 165,646 shares in the company, valued at $22,918,780.56. This trade represents a 1.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 105,000 shares of company stock valued at $14,238,120 over the last three months. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets GILD has been the subject of a number of research reports. Daiwa Securities Group lowered their price objective on Gilead Sciences from $161.00 to $150.00 and set an “outperform” rating for the company in a research report on Tuesday, May 19th. Barclays cut their target price on shares of Gilead Sciences from $155.00 to $145.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 29th. HSBC upgraded shares of Gilead Sciences from a “hold” rating to a “buy” rating and lifted their price target for the stock from $133.00 to $155.00 in a research report on Monday, July 6th. Truist Financial dropped their price target on shares of Gilead Sciences from $157.00 to $156.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. Finally, Leerink Partners cut shares of Gilead Sciences from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $146.00 to $127.00 in a research note on Tuesday, July 21st. Twenty-four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Gilead Sciences presently has an average rating of “Moderate Buy” and a consensus target price of $158.04. View Our Latest Stock Analysis on GILD

Gilead Sciences Trading Down 2.1% NASDAQ GILD opened at $145.68 on Friday. Gilead Sciences, Inc. has a one year low of $108.46 and a one year high of $157.29. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 1.09. The firm has a market cap of $180.64 billion, a P/E ratio of -54.56 and a beta of 0.32. The stock’s 50-day moving average is $134.25 and its 200-day moving average is $136.62.

Gilead Sciences (NASDAQ:GILD – Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share (EPS) for the quarter, beating the consensus estimate of ($7.25) by $0.50. The business had revenue of $7.80 billion during the quarter, compared to analyst estimates of $7.40 billion. Gilead Sciences had a negative return on equity of 2.11% and a negative net margin of 10.64%.Gilead Sciences’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.01 EPS. Sell-side analysts anticipate that Gilead Sciences, Inc. will post -0.5 earnings per share for the current fiscal year.

Gilead Sciences Dividend Announcement The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.82 dividend. This represents a $3.28 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Tuesday, September 15th. Gilead Sciences’s dividend payout ratio is -122.85%.

More Gilead Sciences News Here are the key news stories impacting Gilead Sciences this week:

Positive Sentiment: The FDA approved Bixlenvo, a once-daily single-tablet regimen combining bictegravir and lenacapavir for virologically suppressed adults with HIV. It is the first and only single-tablet option for patients on complex regimens who cannot use currently available alternatives, potentially expanding Gilead’s HIV franchise and supporting its longer-term lenacapavir strategy. Reuters FDA approval article Positive Sentiment: The European Commission approved Trodelvy plus Keytruda for certain first-line metastatic triple-negative breast cancer patients, strengthening Gilead’s oncology portfolio and adding a potential growth opportunity outside its core HIV business. EU Trodelvy approval article Neutral Sentiment: Analysts remain broadly constructive, with a consensus “Moderate Buy” rating and an average price target of approximately $158. However, GILD’s strong multi-year advance may have raised expectations and limited the immediate upside from the Bixlenvo approval. Gilead valuation article Negative Sentiment: Director Anthony Welters sold 18,000 shares worth about $2.68 million, reducing his position by roughly 58%. The sale occurred under a pre-arranged Rule 10b5-1 plan, making it a limited bearish signal, but it may still weigh modestly on investor sentiment. SEC insider transaction filing (Free Report)

Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.

Gilead’s product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.

Further Reading Five stocks we like better than Gilead Sciences 3 Financial Stocks Positioned for the Fed’s Next Move After Jackson Hole IREN’s AI Pivot Looks Real, But the Market Wanted a Faster Payoff After Earnings Boeing’s $131B F-15 Win: Mach 1 Momentum or Just Altitude? Okta Stock Surges 29%—Is $200 the Next Stop?

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Archer Investment Corp acquired a new position in shares of Gilead Sciences, Inc. (NASDAQ:GILD – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,578 shares of the biopharmaceutical company’s stock, valued at approximately $957,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Aviva PLC lifted its stake in Gilead Sciences by 5.4% during the fourth quarter. Aviva PLC now owns 1,156,738 shares of the biopharmaceutical company’s stock worth $141,978,000 after purchasing an additional 59,782 shares during the last quarter. Life Cycle Investment Partners Ltd bought a new position in shares of Gilead Sciences in the 4th quarter valued at $1,418,000. Bank of Nova Scotia bought a new position in shares of Gilead Sciences in the 2nd quarter valued at $100,056,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Gilead Sciences during the 2nd quarter worth $55,754,000. Finally, Harvest Fund Management Co. Ltd raised its holdings in shares of Gilead Sciences by 14.4% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 106,526 shares of the biopharmaceutical company’s stock worth $13,075,000 after buying an additional 13,385 shares in the last quarter. Institutional investors and hedge funds own 83.67% of the company’s stock.

Analyst Upgrades and Downgrades A number of research analysts have recently commented on the stock. Daiwa Securities Group dropped their target price on shares of Gilead Sciences from $161.00 to $150.00 and set an “outperform” rating for the company in a report on Tuesday, May 19th. Leerink Partners cut shares of Gilead Sciences from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $146.00 to $127.00 in a research report on Tuesday, July 21st. Barclays lowered their price objective on shares of Gilead Sciences from $155.00 to $145.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 29th. Weiss Ratings lowered shares of Gilead Sciences from a “buy (b-)” rating to a “hold (c-)” rating in a research report on Tuesday, August 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $170.00 target price on shares of Gilead Sciences in a research note on Wednesday, August 5th. Twenty-four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Gilead Sciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $158.04.

View Our Latest Analysis on Gilead Sciences Key Gilead Sciences News Here are the key news stories impacting Gilead Sciences this week:

Positive Sentiment: The FDA approved Bixlenvo, a once-daily single-tablet regimen combining bictegravir and lenacapavir for virologically suppressed adults with HIV. It is the first and only single-tablet option for patients on complex regimens who cannot use currently available alternatives, potentially expanding Gilead’s HIV franchise and supporting its longer-term lenacapavir strategy. Reuters FDA approval article Positive Sentiment: The European Commission approved Trodelvy plus Keytruda for certain first-line metastatic triple-negative breast cancer patients, strengthening Gilead’s oncology portfolio and adding a potential growth opportunity outside its core HIV business. EU Trodelvy approval article Neutral Sentiment: Analysts remain broadly constructive, with a consensus “Moderate Buy” rating and an average price target of approximately $158. However, GILD’s strong multi-year advance may have raised expectations and limited the immediate upside from the Bixlenvo approval. Gilead valuation article Negative Sentiment: Director Anthony Welters sold 18,000 shares worth about $2.68 million, reducing his position by roughly 58%. The sale occurred under a pre-arranged Rule 10b5-1 plan, making it a limited bearish signal, but it may still weigh modestly on investor sentiment. SEC insider transaction filing Insider Buying and Selling at Gilead Sciences In related news, insider Johanna Mercier sold 28,000 shares of Gilead Sciences stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $137.64, for a total transaction of $3,853,920.00. Following the completion of the transaction, the insider directly owned 118,234 shares of the company’s stock, valued at approximately $16,273,727.76. The trade was a 19.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony Welters sold 18,000 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $148.62, for a total transaction of $2,675,160.00. Following the transaction, the director owned 12,894 shares in the company, valued at $1,916,306.28. The trade was a 58.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 105,000 shares of company stock valued at $14,238,120. Insiders own 0.30% of the company’s stock.

Gilead Sciences Trading Down 2.1% Shares of NASDAQ GILD opened at $145.68 on Friday. The stock has a market capitalization of $180.64 billion, a P/E ratio of -54.56 and a beta of 0.32. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.27 and a quick ratio of 1.09. The business’s 50 day moving average is $134.25 and its two-hundred day moving average is $136.62. Gilead Sciences, Inc. has a 1-year low of $108.46 and a 1-year high of $157.29.

Gilead Sciences (NASDAQ:GILD – Get Free Report) last released its earnings results on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share for the quarter, beating the consensus estimate of ($7.25) by $0.50. Gilead Sciences had a negative return on equity of 2.11% and a negative net margin of 10.64%.The firm had revenue of $7.80 billion for the quarter, compared to the consensus estimate of $7.40 billion. During the same quarter in the previous year, the company posted $2.01 EPS. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts expect that Gilead Sciences, Inc. will post -0.5 EPS for the current year.

Gilead Sciences Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.82 per share. The ex-dividend date is Tuesday, September 15th. This represents a $3.28 dividend on an annualized basis and a yield of 2.3%. Gilead Sciences’s payout ratio is -122.85%.

(Free Report)

Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.

Gilead’s product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.

Recommended Stories Five stocks we like better than Gilead Sciences 3 Financial Stocks Positioned for the Fed’s Next Move After Jackson Hole IREN’s AI Pivot Looks Real, But the Market Wanted a Faster Payoff After Earnings Boeing’s $131B F-15 Win: Mach 1 Momentum or Just Altitude? Okta Stock Surges 29%—Is $200 the Next Stop? Want to see what other hedge funds are holding GILD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gilead Sciences, Inc. (NASDAQ:GILD – Free Report).

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Advisors Capital Management LLC bought a new position in Gilead Sciences, Inc. (NASDAQ:GILD – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 31,697 shares of the biopharmaceutical company’s stock, valued at approximately $4,005,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Paulson Wealth Management Inc. boosted its stake in Gilead Sciences by 1.8% during the fourth quarter. Paulson Wealth Management Inc. now owns 3,887 shares of the biopharmaceutical company’s stock worth $477,000 after buying an additional 67 shares in the last quarter. Essex Financial Services Inc. lifted its stake in Gilead Sciences by 0.9% during the fourth quarter. Essex Financial Services Inc. now owns 7,724 shares of the biopharmaceutical company’s stock worth $948,000 after purchasing an additional 71 shares during the period. Davidson Trust Co. boosted its holdings in Gilead Sciences by 4.1% during the first quarter. Davidson Trust Co. now owns 1,879 shares of the biopharmaceutical company’s stock valued at $262,000 after purchasing an additional 74 shares in the last quarter. Alpha Cubed Investments LLC grew its stake in shares of Gilead Sciences by 1.1% in the 4th quarter. Alpha Cubed Investments LLC now owns 6,619 shares of the biopharmaceutical company’s stock valued at $812,000 after purchasing an additional 75 shares during the period. Finally, Financial Connections Group Inc. grew its stake in shares of Gilead Sciences by 30.2% in the 1st quarter. Financial Connections Group Inc. now owns 328 shares of the biopharmaceutical company’s stock valued at $45,000 after purchasing an additional 76 shares during the period. Institutional investors and hedge funds own 83.67% of the company’s stock.

Gilead Sciences Trading Up 1.9% GILD opened at $146.12 on Friday. The firm’s fifty day moving average is $131.97 and its two-hundred day moving average is $136.59. The firm has a market cap of $181.18 billion, a PE ratio of -54.73 and a beta of 0.32. Gilead Sciences, Inc. has a twelve month low of $108.46 and a twelve month high of $157.29. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.09 and a current ratio of 1.27.

Gilead Sciences (NASDAQ:GILD – Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share (EPS) for the quarter, beating the consensus estimate of ($7.25) by $0.50. Gilead Sciences had a negative net margin of 10.64% and a negative return on equity of 2.11%. The company had revenue of $7.80 billion during the quarter, compared to analyst estimates of $7.40 billion. During the same quarter in the previous year, the business earned $2.01 EPS. The firm’s revenue was up 10.6% on a year-over-year basis. Equities research analysts anticipate that Gilead Sciences, Inc. will post -0.51 EPS for the current year. Gilead Sciences Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.82 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $3.28 annualized dividend and a dividend yield of 2.2%. Gilead Sciences’s payout ratio is currently -122.85%.

Analysts Set New Price Targets Several equities analysts have issued reports on GILD shares. HSBC upgraded Gilead Sciences from a “hold” rating to a “buy” rating and lifted their price objective for the company from $133.00 to $155.00 in a research report on Monday, July 6th. Royal Bank Of Canada raised their target price on Gilead Sciences from $120.00 to $123.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 5th. Daiwa Securities Group lowered their price objective on shares of Gilead Sciences from $161.00 to $150.00 and set an “outperform” rating for the company in a research report on Tuesday, May 19th. Weiss Ratings downgraded shares of Gilead Sciences from a “buy (b-)” rating to a “hold (c-)” rating in a research note on Tuesday, August 11th. Finally, Morgan Stanley reduced their target price on shares of Gilead Sciences from $166.00 to $165.00 and set an “overweight” rating on the stock in a research report on Monday, July 27th. Twenty-four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Gilead Sciences currently has an average rating of “Moderate Buy” and a consensus target price of $158.04.

View Our Latest Stock Analysis on Gilead Sciences

Insider Activity at Gilead Sciences In related news, CFO Andrew D. Dickinson sold 3,000 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $138.36, for a total transaction of $415,080.00. Following the completion of the transaction, the chief financial officer directly owned 165,646 shares in the company, valued at approximately $22,918,780.56. This trade represents a 1.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Johanna Mercier sold 28,000 shares of Gilead Sciences stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $137.64, for a total value of $3,853,920.00. Following the completion of the sale, the insider directly owned 118,234 shares in the company, valued at approximately $16,273,727.76. This represents a 19.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 87,000 shares of company stock worth $11,562,960 over the last three months. 0.30% of the stock is currently owned by insiders.

(Free Report)

Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.

Gilead’s product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.

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Abacus FCF Advisors LLC bought a new stake in Gilead Sciences, Inc. (NASDAQ:GILD – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 59,974 shares of the biopharmaceutical company’s stock, valued at approximately $7,577,000.

A number of other hedge funds have also made changes to their positions in GILD. Persistent Asset Partners Ltd purchased a new stake in shares of Gilead Sciences during the second quarter worth $25,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Gilead Sciences during the 4th quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC grew its stake in shares of Gilead Sciences by 71.4% in the 4th quarter. Vermillion & White Wealth Management Group LLC now owns 204 shares of the biopharmaceutical company’s stock valued at $25,000 after buying an additional 85 shares in the last quarter. Quattro Advisors LLC acquired a new position in Gilead Sciences in the fourth quarter worth approximately $26,000. Finally, Wealth Preservation Advisors LLC increased its holdings in Gilead Sciences by 60.0% in the fourth quarter. Wealth Preservation Advisors LLC now owns 216 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 81 shares during the last quarter. 83.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets GILD has been the subject of several recent research reports. Truist Financial decreased their target price on shares of Gilead Sciences from $157.00 to $156.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Leerink Partners lowered shares of Gilead Sciences from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $146.00 to $127.00 in a research note on Tuesday, July 21st. Morgan Stanley decreased their price objective on shares of Gilead Sciences from $166.00 to $165.00 and set an “overweight” rating for the company in a report on Monday, July 27th. Royal Bank Of Canada increased their target price on shares of Gilead Sciences from $120.00 to $123.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 5th. Finally, Daiwa Securities Group cut their target price on Gilead Sciences from $161.00 to $150.00 and set an “outperform” rating on the stock in a report on Tuesday, May 19th. Twenty-four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $158.04.

View Our Latest Research Report on GILD Gilead Sciences Trading Up 2.9% Shares of NASDAQ:GILD opened at $147.60 on Thursday. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.09 and a current ratio of 1.27. The stock’s 50-day moving average is $131.21 and its 200-day moving average is $136.51. The company has a market cap of $183.02 billion, a P/E ratio of -55.28 and a beta of 0.32. Gilead Sciences, Inc. has a 52-week low of $108.46 and a 52-week high of $157.29.

Gilead Sciences (NASDAQ:GILD – Get Free Report) last announced its earnings results on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share for the quarter, beating the consensus estimate of ($7.25) by $0.50. The firm had revenue of $7.80 billion during the quarter, compared to the consensus estimate of $7.40 billion. Gilead Sciences had a negative return on equity of 2.11% and a negative net margin of 10.64%.The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.01 EPS. Equities research analysts predict that Gilead Sciences, Inc. will post -0.53 earnings per share for the current year.

Gilead Sciences Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $3.28 dividend on an annualized basis and a yield of 2.2%. Gilead Sciences’s dividend payout ratio is -122.85%.

Gilead Sciences News Roundup Here are the key news stories impacting Gilead Sciences this week:

Positive Sentiment: BMO Capital reaffirmed its Buy rating on Gilead, supporting the bullish view that the company’s recent momentum can continue. BMO Capital reaffirms Buy rating Positive Sentiment: Zacks Research raised estimates for third-quarter 2026 EPS to $1.93 from $1.84, fourth-quarter 2026 EPS to $2.14 from $2.07, and full-year 2027 EPS to $9.30 from $9.11. It also lifted estimates for parts of 2027, indicating improving expectations for near-term earnings. Gilead Sciences analyst estimates Positive Sentiment: Investors remain focused on Gilead’s expanding HIV portfolio. Biktarvy continues to anchor sales, while Yeztugo and additional pipeline programs could create new treatment and prevention opportunities. The company’s latest reported revenue also increased 10.6% year over year to $7.8 billion, exceeding expectations. Gilead’s expanding HIV portfolio Positive Sentiment: Gilead’s quarterly dividend of $0.82, equivalent to $3.28 annually, provides ongoing income support and reinforces its appeal to defensive and healthcare-focused investors. Neutral Sentiment: Zacks reduced estimates for first-quarter 2028 EPS to $2.14 from $2.21, second-quarter 2028 EPS to $2.27 from $2.33, and full-year 2028 EPS to $9.58 from $10.00. These cuts temper the otherwise positive near-term revisions and suggest some uncertainty about longer-term growth. Negative Sentiment: Chief Commercial Officer Johanna Mercier sold 28,000 shares, while CFO Andrew Dickinson sold 3,000 shares. Both transactions were made under pre-arranged Rule 10b5-1 plans, limiting their significance, but the sales may modestly weigh on sentiment. Insiders Place Their Bets In other news, insider Johanna Mercier sold 28,000 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $137.64, for a total transaction of $3,853,920.00. Following the transaction, the insider owned 118,234 shares in the company, valued at approximately $16,273,727.76. The trade was a 19.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Patrick O’day sold 15,000 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $130.31, for a total transaction of $1,954,650.00. Following the transaction, the chief executive officer directly owned 592,133 shares of the company’s stock, valued at $77,160,851.23. This represents a 2.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 82,000 shares of company stock worth $10,837,860 in the last ninety days. Insiders own 0.30% of the company’s stock.

(Free Report)

Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.

Gilead’s product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.

Further Reading Five stocks we like better than Gilead Sciences Bloom Energy’s AI Surge Meets a Valuation Reality Check Target Is Winning Shoppers Back—Can the Rally Reach $180? IonQ’s Space Contract Points to a New Frontier for Quantum Investors Is Apple’s AI Strategy Smarter Than Skeptics Think? Want to see what other hedge funds are holding GILD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gilead Sciences, Inc. (NASDAQ:GILD – Free Report).

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The stock market may be on borrowed time these days. It's been doing well, perhaps too well, given the state of the economy. Many people are struggling due to inflation and cutting back on expenses. Although the S&P 500 reaching record levels this year may indicate otherwise, there are plenty of reasons investors may want to think twice about simply buying into the rally these days.

Getting out of the market, however, isn't necessarily the best option for risk-averse investors. There are stocks that may be safe investment options, even if the market does end up crashing in the near future. Three stocks that did well during the last two big crashes in 2008 and 2022 include Walmart (WMT +0.04%), McDonald's (MCD +0.97%), and Gilead Sciences (GILD +2.36%). Here's how well they did back then, and why they might be safe-haven investments to hang on to right now.

Image source: Getty Images.

WalmartWalmart is the go-to retailer for many consumers. Whether it's loading up on day-to-day essentials such as groceries or making large discretionary purchases, it has just about everything consumers need. Thus, it's normally going to benefit from a great deal of consistent foot traffic and demand.

In 2022, when the S&P 500 declined by more than 19%, Walmart generated total returns (including dividends) that were only slightly negative, but fairly close to 0%. Not a great return, but also not horrific, either. And in 2008, in the midst of the Great Recession, its total returns were up around 20%. That's incredibly impressive given that the S&P 500 declined by 38% that year.

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Walmart makes for a solid long-term investment to hang on to. While it is a bit expensive these days, trading at more than 40 times earnings, it can provide long-term stability for investors.

McDonald'sMcDonald's has been another resilient stock to own amid turmoil. The value it offers consumers makes its fast food restaurants appealing to people who want to dine out without breaking the bank. At the same time, it's been able to raise prices amid inflation while still providing value for consumers and not drastically hurting demand.

During the most recent crash, in 2022, McDonald's stock was up nearly 1% when including its dividend. It performed slightly better than Walmart. In 2008, its total returns were up over 8%, underperforming the big-box retailer but still faring better than the overall market.

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McDonald's trades at a reasonable 22 times its trailing earnings right now, and although it's down 11% this year, like Walmart, it can also be a solid buy for long-term stability. At 2.8%, it also offers a great dividend, which is close to three times the S&P 500 average of just 1%.

Gilead SciencesHealthcare stock Gilead Sciences is another investment that's been rock-solid during times of adversity. The company provides treatments for serious, life-threatening conditions, such as HIV and hepatitis B and C. That means its products can be necessities for certain people.

In 2022, Gilead's stock rose an impressive 24% (when including dividends), as it was the best performer on this list back then. Excitement around Sunlenca, a promising HIV treatment, gave the stock a boost in the latter part of the year, as the drug would obtain approval from regulators in December 2022 as a treatment for people with multidrug-resistant HIV. Back in 2008, the stock delivered total returns of more than 11%, beating the market that year as well.

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The nature of Gilead's business makes it an appealing one to invest in, given the ongoing need for its medicines. Today, the stock trades at 15 times its estimated earnings (based on analyst projections) as it continues to be a good value buy. It also offers a decent dividend that yields 2.3%. It's another example of the type of stock that may do well, even if the overall market struggles.

Key Takeaways Gilead's HIV business is gaining momentum, led by Biktarvy, Descovy and new Yeztugo sales. Yeztugo's twice-yearly dosing is driving uptake, with 2026 sales expected to reach about $1 billion.New lenacapavir-based regimens could expand Gilead's HIV treatment and prevention franchise. Gilead Sciences, Inc. (GILD - Free Report) has a market-leading HIV franchise, led by flagship HIV therapies — Biktarvy for treatment and Descovy for prevention.

Earlier this month, the company reported better-than-expected second-quarter results, driven by strong HIV breast cancer drug Trodelvy and liver disease drug Livdelzi sales.

HIV business continues to maintain momentum, driven by solid performance of Biktarvy and Descovy, and incremental contributions from Yeztugo.

Biktarvy continues to be a dominant player in the HIV treatment market, retaining its position as the most prescribed therapy for both treatment-naïve and switch patients across major markets.

Gilead’s HIV pre-exposure prophylaxis (PrEP) portfolio comprises daily oral Descovy and the first and only twice-yearly injectable Yeztugo.

Descovy’s performance continues to be strong, primarily driven by higher demand in HIV prevention.

The newly approved Yeztugo (lenacapavir) for PrEP has witnessed a robust uptake.  With a twice-yearly dosing schedule, the therapy offers meaningful adherence advantages over daily oral regimens and targets a broad patient population.

Gilead expects Yeztugo sales to reach approximately $1 billion in 2026, signaling the product’s potential to achieve blockbuster status in its first full year on the market.

Driven by a $4-billion annualized PrEP business and the continued strong performance of Biktarvy, Gilead raised its full-year HIV sales growth guidance to 9-10% from 8%.

Gilead expects continued HIV growth from its expanding treatment and prevention portfolio, including potential launches of bictegravir/lenacapavir and once-weekly islatravir/lenacapavir.

The FDA accepted Gilead’s new drug application for bictegravir/lenacapavir (BIC/LEN) for virologically suppressed people living with HIV under priority review, setting a target action date of Aug. 27, 2026.  A potential approval of BIC/LEN would further bolster its HIV portfolio.

GILD has also collaborated with Merck (MRK - Free Report) to advance its HIV pipeline further.

Gilead and Merck recently announced positive phase III results from the ISLEND-1 and ISLEND-2 studies, demonstrating the potential of the investigational once-weekly oral combination of islatravir and lenacapavir in virologically suppressed adults with HIV. These data will form the basis of regulatory submissions.

The investigational regimen combines Merck's islatravir, a next-generation nucleoside analog that inhibits HIV replication through multiple mechanisms, including reverse transcriptase translocation inhibition, with Gilead's lenacapavir.

Gilead’s expanding lenacapavir pipeline strengthens its long-term HIV growth prospects. The company is advancing once-weekly oral combinations into phase II, while a phase III twice-yearly regimen could create a differentiated treatment option with potential launch around 2030. In PrEP, the potential approval of once-weekly oral lenacapavir by February 2027, followed by a possible once-yearly option in 2028, could further expand Gilead’s prevention franchise and reinforce its leadership in the growing HIV market.

Competition for GILD’s HIV BusinessThe HIV treatment landscape is dominated by many bigwigs, such as GSK plc (GSK - Free Report) and Merck, apart from GILD.

HIV sales account for a major chunk of GSK’s Specialty Medicines portfolio. GSK continues to grow its HIV business, driven by strong patient demand for long-acting injectable medicines (Cabenuva and Apretude) and Dovato. The solid growth from these drugs has helped GSK combat the decline in Triumeq sales.

MRK markets doravirine for treating adults with HIV-1 in the United States, either as a monotherapy under the brand name Pifeltro or as part of the single-tablet combination regimen under the brand name Delstrigo (doravirine/lamivudine/tenofovir disoproxil fumarate).

MRK won FDA approval for Idvynso, a once-daily, two-drug single-tablet regimen containing doravirine (100 mg) and islatravir (0.25 mg), for adults living with HIV-1 who are virologically suppressed on a stable antiretroviral regimen. The approval covers patients with no history of treatment failure and no known resistance-associated mutations to doravirine, allowing them to switch from their current HIV therapy.

GILD’s Price Performance, Valuation and EstimatesShares of GILD have gained 13.2% year to date compared with the industry’s growth of 4.3%.

Image Source: Zacks Investment Research

Going by the price/earnings ratio, GILD’s shares currently trade at 23.60X forward earnings, higher than its mean of 12.14X and the large-cap pharma industry’s 18.51X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 earnings is pinned at a loss of 62 cents per share. The EPS estimate for 2027 has moved south to $9.65 from $9.71 in the past 60 days.

Image Source: Zacks Investment Research

While Gilead’s recent aggressive dealmaking strategy strengthens its long-term pipeline and growth potential, the sizable upfront payments and integration-related costs are pressuring near-term profitability.

Gilead Sciences (GILD +0.41%) has shifted from a period of stagnant growth, driven by slowing hepatitis C revenues and declining sales of its COVID-19 therapy Veklury, to a turnaround led by new HIV and oncology drugs.

The pharmaceutical stock is up more than 12% so far this year and more than 5% over the past month. The driver for the bounce is the company's best second-quarter growth in three years. That growth was led by its HIV therapies; breast cancer drug Trodelvy; and Livdelz, used to treat primary biliary cholangitis (PBC), an autoimmune disease of the liver.

Here are three reasons that Gilead's turnaround has Wall Street excited.

Image source: Getty Images.

Gilead has updated its core portfolio of HIV therapies HIV treatment and HIV preexposure prophylaxis (PrEP) therapies remain Gilead's highest-margin cash drivers. Its treatment Biktarvy continues to deliver strong baseline revenue with $3.8 billion in second-quarter sales, up 7% year over year, and it maintains more than 52% of U.S. market share. The rollout of twice-yearly injectables such as Yeztugo expands the PrEP market; long-acting formulations increase adherence and secure durable, high-margin, sticky revenue for years to come.

On top of that, Gilead and partner Merck (MRK +0.10%) are close to an approval for the first weekly pill to treat HIV. This drug is a combination of Gilead's lenacapavir and Merck's islatravir. The Prescription Drug User Fee Act (PDUFA) action date for the combination therapy is Aug. 27.

In the second quarter, Gilead reported overall sales of $7.8 billion, up 10% year over year. That included HIV-related sales of $5.7 billion, up 12% year over year and 13% from the prior quarter. The key, though, was that the company's PrEP sales exceeded $1 billion for the first time, led by $801 million in Descovy sales, up 60% from the same quarter a year ago.

Its portfolio and pipeline of oncology treatments are growing Oncology now provides Gilead a second pillar of organic top-line growth.

Trodelvy has established solid positioning in breast and bladder cancers and had $457 million in second-quarter sales, up 26% year over year. Gilead's cell therapy assets, including Yescarta -- and pipeline therapies such as anitocabtagene autoleucel (anito-cel) for multiple myeloma (see more below) -- position the company in high-value hematology and oncology markets.

Hepcludex (bulevirtide) was given accelerated approval on May 22 by the Food and Drug Administration (FDA) as a first treatment for adults with chronic hepatitis delta virus (HDV) infection who do not have cirrhosis or who have compensated cirrhosis.

Anito-cel, a treatment for multiple myeloma, is expected to launch shortly after its PDUFA target date of Dec. 23. This is a BCMA-directed CAR T-cell therapy that showed a 96% overall response rate and 74% complete response rate in heavily pretreated patients.

The company reported an earnings-per-share (EPS) loss of $8.45 in the second quarter, compared to positive EPS of $1.56 in the same period a year ago. The markets shrugged off the loss because most of it was attributable to research and development (R&D) expenses related to Gilead's acquisitions of Arcellx, Tubulis, and Ouro Medicines.

It spent $7.8 billion on Arcellx in April, gaining anito-cel. The $1.675 billion deal for Ouro, completed in June, brought in gamgertamig and other promising autoimmune therapies.

Gilead's $5 billion deal for Tubulis, completed in May, expanded its oncology pipeline. The move added a next-generation antibody-drug-conjugate platform, including TUB-040 for ovarian cancer and TUB-030 for various solid tumors.

On Aug. 11, Gilead exercised its option to exclusively license a preclinical solid-tumor bispecific program from MacroGenics (MGNX -3.79%). The move triggered a $10 million milestone payment to MacroGenics, boosting the two companies' 2022 collaboration. The three-program agreement includes the clinical-stage bispecific MGD024 and two preclinical bispecific programs.

Solid cash flow helps both its dividend and R&D Gilead is on track to exceed $12 billion in free cash flow this year, including $3.6 billion in the second quarter. That number should grow as short-term integration charges roll off. This cash conversion supports a reliable dividend, steady share repurchases, and continuous internal research and development (R&D) funding without straining the balance sheet.

The company raised its quarterly dividend by 3.8% this year to $0.82, the 11th consecutive year it has increased its dividend. The current dividend yield is above-average at 2.3%. And Gilead has increased its dividend by nearly 75% over the past decade. That commitment to the dividend allows investors to be patient while they wait to see which of its acquisitions pay off.

Another big plus for long-term investors is that Biktarvy is unlikely to face any loss of patent protection until 2033. Descovy's patent landscape features a combination of long underlying patent exclusivity, successful litigation defense, and strategic generic settlements. Gilead Sciences boasts a relatively long runway before facing major generic exposure.

Posted by Defense World Staff on Aug 16th, 2026

BIP Wealth LLC purchased a new position in shares of Gilead Sciences, Inc. (NASDAQ:GILD – Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 4,520 shares of the biopharmaceutical company’s stock, valued at approximately $571,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Gilead Sciences by 20.6% during the 4th quarter. Brighton Jones LLC now owns 14,359 shares of the biopharmaceutical company’s stock valued at $1,326,000 after purchasing an additional 2,450 shares during the last quarter. Bison Wealth LLC purchased a new position in shares of Gilead Sciences in the 4th quarter worth about $215,000. Sivia Capital Partners LLC boosted its holdings in shares of Gilead Sciences by 16.8% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,182 shares of the biopharmaceutical company’s stock worth $464,000 after buying an additional 602 shares during the last quarter. Ieq Capital LLC grew its position in Gilead Sciences by 12.0% during the second quarter. Ieq Capital LLC now owns 118,695 shares of the biopharmaceutical company’s stock valued at $13,160,000 after buying an additional 12,705 shares during the period. Finally, Diversify Advisory Services LLC grew its position in Gilead Sciences by 18.6% during the second quarter. Diversify Advisory Services LLC now owns 4,296 shares of the biopharmaceutical company’s stock valued at $516,000 after buying an additional 674 shares during the period. Hedge funds and other institutional investors own 83.67% of the company’s stock.

Gilead Sciences News Summary Here are the key news stories impacting Gilead Sciences this week:

Positive Sentiment: Appeals court ruling protects Gilead’s distribution channels. A U.S. appeals court upheld an injunction preventing alternative funding programs and related businesses from importing Gilead medications overseas. The decision could reduce the size of the alternative funding industry and help protect Gilead’s pricing, sales channels and patient-assistance economics. Court rules companies can’t import Gilead medications from overseas in blow to AFP health programs Positive Sentiment: Q2 growth highlighted continued commercial momentum. Gilead’s HIV franchise led year-over-year sales growth, with Biktarvy and PrEP performing particularly well. Quarterly PrEP sales reportedly doubled to more than $1 billion, while Trodelvy, Livdelzi and progress in oncology and liver disease added to the growth outlook. 5 Must-Read Analyst Questions From Gilead Sciences’s Q2 Earnings Call Positive Sentiment: AI collaboration strengthens the oncology pipeline. Gilead partnered with Nucleai to use AI-powered tissue analytics in its antibody-drug-conjugate programs. The technology is intended to accelerate biomarker discovery and improve precision-oncology development. Gilead Sciences Expands ADC Research With AI Tissue Analytics Positive Sentiment: Merck partnership offers longer-term growth potential. Recent clinical and regulatory progress involving Gilead and Merck’s collaboration reinforces the possibility that the partnership could produce meaningful future growth in areas such as oncology and infectious disease. Could Merck and Gilead’s Partnership Create the Next Big Pharma Growth Engine Neutral Sentiment: Analysts and investors continue to debate whether Gilead remains attractively valued after its strong multiyear performance. High call-option activity signals bullish positioning but does not guarantee sustained gains. Negative Sentiment: An analyst reduced the FY2026 EPS forecast, potentially reflecting concerns about earnings normalization, expenses or pipeline investment. The revision may limit near-term upside despite Gilead’s solid revenue trends. FY2026 EPS Forecast for Gilead Sciences Reduced by Analyst Analyst Upgrades and Downgrades Several brokerages have commented on GILD. Maxim Group raised shares of Gilead Sciences from a “hold” rating to a “buy” rating and set a $165.00 price objective on the stock in a research report on Wednesday, May 20th. Barclays dropped their target price on shares of Gilead Sciences from $155.00 to $145.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 29th. HSBC raised shares of Gilead Sciences from a “hold” rating to a “buy” rating and increased their target price for the company from $133.00 to $155.00 in a research report on Monday, July 6th. Daiwa Securities Group lowered their price target on shares of Gilead Sciences from $161.00 to $150.00 and set an “outperform” rating on the stock in a report on Tuesday, May 19th. Finally, Weiss Ratings downgraded Gilead Sciences from a “buy (b-)” rating to a “hold (c-)” rating in a research note on Tuesday. Twenty-four research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.04.

Get Our Latest Stock Report on GILD

Insider Buying and Selling at Gilead Sciences In other news, insider Johanna Mercier sold 3,000 shares of Gilead Sciences stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $123.92, for a total transaction of $371,760.00. Following the completion of the sale, the insider owned 124,234 shares in the company, valued at approximately $15,395,077.28. This trade represents a 2.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Patrick O’day sold 15,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $130.31, for a total value of $1,954,650.00. Following the transaction, the chief executive officer directly owned 592,133 shares of the company’s stock, valued at $77,160,851.23. The trade was a 2.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 51,000 shares of company stock valued at $6,568,860 in the last 90 days. Corporate insiders own 0.30% of the company’s stock.

Gilead Sciences Trading Up 0.2% Gilead Sciences stock opened at $138.36 on Friday. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.09 and a current ratio of 1.27. Gilead Sciences, Inc. has a fifty-two week low of $108.46 and a fifty-two week high of $157.29. The stock has a market cap of $171.56 billion, a P/E ratio of -51.82 and a beta of 0.32. The firm’s fifty day moving average price is $130.11 and its 200-day moving average price is $136.45.

Gilead Sciences (NASDAQ:GILD – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The biopharmaceutical company reported ($6.75) earnings per share (EPS) for the quarter, beating the consensus estimate of ($7.25) by $0.50. The company had revenue of $7.80 billion during the quarter, compared to analyst estimates of $7.40 billion. Gilead Sciences had a negative return on equity of 2.11% and a negative net margin of 10.64%.The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $2.01 earnings per share. Equities research analysts forecast that Gilead Sciences, Inc. will post -0.53 earnings per share for the current fiscal year.

Gilead Sciences Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.82 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $3.28 annualized dividend and a dividend yield of 2.4%. Gilead Sciences’s dividend payout ratio (DPR) is presently -122.85%.

About Gilead Sciences (Free Report)

Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.

Gilead’s product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.

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Abundance Wealth Counselors boosted its holdings in shares of Gilead Sciences, Inc. (NASDAQ: GILD) by 93.7% during the undefined quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,139 shares of the biopharmaceutical company's stock after purchasing an additional 10,710 shares during the quarter. Abundance Wealth

A court ruling this week in favor of Gilead Sciences could significantly impact a burgeoning class of health programs in the U.S. that federal authorities say are illegally importing medications from overseas.

Last year, a CNBC investigation found that these programs — called alternative funding programs, or AFPs — were becoming more pervasive around the country as drug costs skyrocket. Yet U.S. authorities say AFPs import the drugs from international markets in violation of Food and Drug Administration regulations.

A U.S. Court of Appeals on Thursday upheld a preliminary injunction in the case filed by Gilead against several AFPs and related businesses. Patient advocacy groups say the decision could force AFPs to shrink dramatically or even go out of business.

AFPs have defended their practices as both legal and safe and say their businesses are an antidote to high prescription drug prices.

In December 2024, Gilead sued several companies in connection with what it claimed was the illegal importation of its HIV drug Biktarvy. The suit was filed after a Maryland patient received the drug in the mail from Turkey with label instructions in Turkish.

The suit targeted an AFP called Rx Valet and several affiliated companies. Gilead also sued Meritain Health, which manages employee health plans and is part of CVS Health-owned Aetna, and Pro-Act, a pharmacy benefits manager.

"Meritain has long maintained a policy that it does not support programs for non-FDA-approved medications sourced from outside the United States and does not contract with companies to facilitate the importation of non-FDA-approved medications sourced from outside the United States," Aetna spokesperson Phil Blando said in a statement. "Despite this policy, Meritain was named as a defendant in a lawsuit filed by Gilead concerning international drug sourcing. Meritain strongly disputes the allegations and is vigorously defending itself against the complaint."

Rx Valet did not return a request for comment from CNBC.

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AFPs generally maintain the medicines they import from overseas are the same as ones sold in the U.S.

The court this week disagreed, finding that the differences between Gilead's U.S. medications and the international medications imported by defendants were "material, not theoretical," and that by importing medicines through unauthorized foreign channels, the defendants bypassed Gilead's supply chain.

"What Gilead sells in Turkey and what it sells in Maryland share a chemical formula but materially differ and travel through different quality-control system," the ruling said.

In a statement, a Gilead spokesman said the ruling helps protect patients by keeping medicines that are outside FDA oversight and quality safeguards out of the U.S. supply chain.

Shabbir Imber Safdar, executive director of the Partnership for Safe Medicines, a coalition of nonprofit and pharmaceutical industry groups, said the court's decision is clear that "you cannot import untraceable medicine with foreign-language labels, hand it to American patients, and call it equivalent to an FDA-approved medicine."

Gilead's R&D pipeline gained momentum in the first half of 2026, adding several potential growth drivers. Sales of Biktarvy, the flagship of Gilead's HIV franchise, rose 6.9% year-over-year and 12.2% QoQ to ~$3.77 billion in the second quarter. On the other hand, Livdelzi, a PPARδ agonist, generated $167 million in revenue for Gilead, up 114.1% YoY.

Gilead Sciences is upgraded to a cautious 'Buy' after Q2/26, supported by robust revenue growth and raised guidance. GILD's HIV portfolio, especially Biktarvy and Descovy, continues to drive sales, but revenue concentration poses mid-2030s patent cliff risk. Recent acquisitions inflated Q2 operating losses, yet free cash flow surged to $3.4B, and debt remains manageable relative to cash generation.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- #Earnings--Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the second quarter 2026. “Gilead delivered a very strong second quarter, with 10% year-over-year revenue growth in our base business driven by our HIV portfolio, Trodelvy and Livdelzi. HIV sales grew 12%, reflecting continued strength in treatment and the rapid expansion of our PrEP business, supporting an increase in our base business revenue expectations for 2026,” said Dan.

Total Product Sales (excluding Veklury): $7.6 billion, up 10% year-over-year.Total Product Sales (including Veklury): $7.6 billion, up 8% year-over-year.HIV Sal

FOSTER CITY, Calif.--(BUSINESS WIRE)--Please replace the release with the following corrected version due to a change in the "PRODUCT SALES SUMMARY" table, where the Odefsey sales in Europe have been updated to $58 million for the three months ended June 30, 2026 (instead of $28 million).

The updated release reads:

GILEAD SCIENCES ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS

Product Sales Excluding Veklury Increased 10% Year-Over-Year to $7.6 billion

Biktarvy Sales Increased 7% Year-Over-Year to $3.8 billion

Diluted Loss Per Share was $(8.45) and Non-GAAP Diluted Loss Per Share was $(6.75) Reflecting $(9.08) Per Share Acquired IPR&D and Tax Expenses Associated with Recent Acquisitions

Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the second quarter 2026.

“Gilead delivered a very strong second quarter, with 10% year-over-year revenue growth in our base business driven by our HIV portfolio, Trodelvy and Livdelzi. HIV sales grew 12%, reflecting continued strength in treatment and the rapid expansion of our PrEP business, supporting an increase in our base business revenue expectations for 2026,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “We also made significant clinical progress with three FDA approvals and three positive Phase 3 updates. We look forward to delivering on our many opportunities in the second half of the year including another two potential launches in oncology and HIV.”

Second Quarter 2026 Financial Results

Total second quarter 2026 revenues increased 10% to $7.8 billion compared to the same period in 2025, primarily driven by: Higher sales of HIV products, Trodelvy® (sacituzumab govitecan-hziy) and Livdelzi® (seladelpar), partially offset by lower sales of Veklury® (remdesivir) as well as Cell Therapy and chronic hepatitis C virus (“HCV”) products; and Higher royalty, contract and other revenues related to a previous sale of intellectual property. Diluted (loss) earnings per share (“EPS”) was $(8.45) in the second quarter 2026 compared to $1.56 in the same period in 2025. The decrease was primarily driven by the $(9.08) per share impact of acquired in-process research and development (“IPR&D”) expenses associated with our acquisitions of Arcellx, Inc. (“Arcellx”), Tubulis GmbH (“Tubulis”) and Ouro Medicines, LLC (“Ouro Medicines”), net of the impact of our collaboration with Lakefront Biotherapeutics NV (“Lakefront”) and the related taxes, as well as an IPR&D impairment related to assets previously acquired from Immunomedics, Inc. (“Immunomedics”) and higher operating expenses. The decrease was partially offset by higher revenues, lower income tax expense, and higher net gains from equity securities. Non-GAAP diluted (loss) EPS was $(6.75) in the second quarter 2026 compared to $2.01 in the same period in 2025. The decrease was primarily driven by the $(9.08) per share impact of acquired IPR&D and tax expenses discussed above, as well as higher non-GAAP selling, general and administrative (“SG&A”) expenses and non-GAAP income tax expense, partially offset by higher revenues. As of June 30, 2026, Gilead had $3.2 billion of cash, cash equivalents and marketable debt securities compared to $10.6 billion as of December 31, 2025. The decrease was primarily driven by year-to-date cash outflows of $11.3 billion related to acquisitions, $2.8 billion of debt repayments, $2.1 billion of dividend payments and $774 million of common stock repurchases, partially offset by $4.1 billion of net proceeds from debt financing and $6.1 billion of operating cash flow. During the second quarter 2026, Gilead generated $3.6 billion in operating cash flow. During the second quarter 2026, Gilead paid dividends of $1.0 billion and repurchased $355 million of common stock. Second Quarter 2026 Product Sales

Total second quarter 2026 product sales increased 8% to $7.6 billion compared to the same period in 2025. Total second quarter 2026 product sales excluding Veklury increased 10% to $7.6 billion compared to the same period in 2025, primarily due to higher sales of HIV products, Trodelvy and Livdelzi, partially offset by lower sales of Cell Therapy and HCV products.

HIV product sales increased 12% to $5.7 billion in the second quarter 2026 compared to the same period in 2025, primarily driven by higher average realized price and demand.

Biktarvy® (bictegravir 50mg/emtricitabine (“FTC”) 200mg/tenofovir alafenamide (“TAF”) 25mg) sales increased 7% to $3.8 billion in the second quarter 2026 compared to the same period in 2025, primarily driven by higher average realized price, favorable inventory dynamics and higher demand. Descovy® (FTC 200mg/TAF 25mg) sales increased 48% to $967 million in the second quarter 2026 compared to the same period in 2025, primarily driven by higher average realized price and demand. The Liver Disease portfolio sales increased 10% to $877 million in the second quarter 2026 compared to the same period in 2025, primarily reflecting higher demand for Livdelzi, as well as chronic hepatitis B virus (“HBV”) products and Hepcludex® (bulevirtide-gmod), partially offset by lower sales for HCV products.

Veklury sales decreased 81% to $23 million in the second quarter 2026 compared to the same period in 2025, primarily driven by lower rates of COVID-19-related hospitalizations.

Cell Therapy product sales decreased 14% to $417 million in the second quarter 2026 compared to the same period in 2025, reflecting ongoing competitive headwinds.

Yescarta® (axicabtagene ciloleucel) sales decreased 12% to $346 million in the second quarter 2026 compared to the same period in 2025, primarily driven by in- and out-of-class competition. Tecartus® (brexucabtagene autoleucel) sales decreased 24% to $70 million in the second quarter 2026 compared to the same period in 2025, primarily driven by in-class competition. Trodelvy® (sacituzumab govitecan-hziy) sales increased 26% to $457 million in the second quarter 2026 compared to the same period in 2025, primarily driven by higher demand.

Second Quarter 2026 Product Gross Margin, Operating Expenses and Effective Tax Rate

Product gross margin remained relatively flat at 79.3% in the second quarter 2026 compared to 78.7% in the same period in 2025. Non-GAAP product gross margin also remained flat at 86.9% in the second quarter 2026 compared to the same period in 2025. Research and development (“R&D”) expenses were $1.8 billion in the second quarter 2026 compared to $1.5 billion in the same period in 2025, primarily due to integration costs and other acquisition-related expenses, partially offset by lower oncology clinical study activity. Non-GAAP R&D expenses were $1.4 billion in the second quarter 2026 compared to $1.5 billion in the same period in 2025, primarily driven by lower oncology clinical study activity. Acquired IPR&D expenses were $11.2 billion in the second quarter 2026, primarily related to $7.0 billion for the Arcellx acquisition, $3.1 billion for the Tubulis acquisition and $1.0 billion for the Ouro Medicines acquisition, net of the impact of the Lakefront collaboration. SG&A expenses were $1.9 billion in the second quarter 2026 compared to $1.4 billion in the same period in 2025, primarily driven by integration costs related to the acquisitions and higher HIV promotional activities. Non-GAAP SG&A expenses were $1.5 billion in the second quarter 2026 compared to $1.4 billion in the same period in 2025, primarily due to higher HIV promotional activities. The effective tax rate (“ETR”) was (2.4)% in the second quarter 2026 compared to 19.3% in the same period in 2025. The non-GAAP ETR was (11.4)% in the second quarter 2026 compared to 18.8% in the same period in 2025. These changes primarily reflect the non-deductible acquired IPR&D expenses related to our acquisitions of Arcellx, Tubulis, and Ouro Medicines. Guidance and Outlook

For the full year 2026, Gilead now expects:

(in millions, except per share amounts)

August 4, 2026 Guidance

Comparison to May 7, 2026 Guidance

Low End

High End

Product sales

$ 30,100

$ 30,400

Previously $30,000 to $30,400

Product sales excluding Veklury

$ 29,800

$ 30,100

Previously $29,400 to $29,800

Veklury

~ $300

Previously ~ $600

Diluted loss per share

$ (3.75)

$ (3.40)

Previously $(3.25) to $(2.85)

Non-GAAP diluted loss per share

$ (0.65)

$ (0.30)

Previously $(1.05) to $(0.65)

Our full year 2026 GAAP and non-GAAP diluted loss per share guidance includes the impact of approximately $9.08 due to acquired IPR&D charges of $11.1 billion related to the Arcellx, Tubulis and Ouro Medicines transactions, net of the impact of the Lakefront collaboration and related taxes.

Additional information and a reconciliation between GAAP and non-GAAP financial information for the 2026 guidance is provided in the accompanying tables. The financial guidance is subject to a number of risks and uncertainties. See the Forward-Looking Statements section below.

Key Updates Since Our Last Quarterly Release

Virology

Announced U.S. Food and Drug Administration (“FDA”) accepted a supplemental New Drug Application submission for Yeztugo® (lenacapavir) 300-mg tablets as a potential once-weekly oral formulation for HIV pre-exposure prophylaxis (“PrEP”), with a Prescription Drug User Fee Act target action date of February 2, 2027. Announced positive Phase 3 results from the ISLEND-1 and ISLEND-2 trials, in partnership with Merck, evaluating an investigational long-acting oral treatment regimen of islatravir 2 mg and lenacapavir 300 mg in adults with HIV who are virologically suppressed and switched from Biktarvy (ISLEND-1) or standard of care antiretroviral regimens (ISLEND-2) to the once-weekly combination. Received FDA accelerated approval for Hepcludex for the treatment of chronic hepatitis delta virus (“HDV”) infection in adults without cirrhosis or with compensated cirrhosis, which is now the first and only FDA-approved treatment for HDV in the U.S. Announced a donation of 2,000 vials of remdesivir to the Republic of Uganda to support response efforts to the current outbreak of Ebola Bundibugyo virus disease (“BVD”). Remdesivir is not approved for the treatment of Ebola virus disease, including BVD, anywhere globally, and the safety and efficacy of this use is not known. Oncology

Received FDA approval of Trodelvy for the first-line (“1L”) treatment of adult patients with unresectable locally advanced or metastatic triple-negative breast cancer (“mTNBC”) as either a single agent for patients who are not candidates for PD-1/PD-L1 inhibitor-based therapy or in combination with Keytruda® (pembrolizumab) or Keytruda Qlex™ (pembrolizumab and berahyaluronidase alfa-pmph) for patients whose tumors express PD-L1 (CPS ≥10). Announced European Commission marketing authorization for Trodelvy as a monotherapy for the treatment of adult patients with unresectable locally advanced or mTNBC who have not received prior systemic therapy for metastatic disease and are not candidates for PD-1/PD-L1 inhibitor therapy. Received a positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use for Trodelvy in combination with Keytruda® (pembrolizumab) for the treatment of adult patients with unresectable locally advanced or mTNBC who have not received prior systemic therapy for metastatic disease and whose tumors express PD-L1 (CPS≥10). Announced the discontinuation of the Phase 3 EVOKE-03 study, in partnership with Merck, evaluating Trodelvy in combination with Keytruda® for the investigational treatment of 1L metastatic non-small cell lung cancer with high PD-L1 expression (TPS ≥50%). The decision was based on the recommendation of the external Data Monitoring Committee, following review of data from a pre-specified final analysis of progression-free survival and interim analysis of overall survival. Presented new analyses at the 2026 American Society of Clinical Oncology meeting from the Phase 3 ASCENT-03 and ASCENT-04 studies evaluating Trodelvy with or without Keytruda® in 1L mTNBC, as well as new data on investigational anitocabtagene-autoleucel (“anito-cel”) clinical trial manufacturing experience in patients with newly diagnosed or relapsed/refractory multiple myeloma. Presented updated Phase 1 results for KITE-753, an investigational bicistronic autologous CD19/CD20 CAR T-cell therapy for relapsed or refractory B-cell lymphoma at the 2026 European Hematology Association meeting. Completed the acquisition of Tubulis for $3.15 billion in upfront consideration. This acquisition brings Gilead next-generation antibody-drug conjugate (“ADC”) assets, including GS-8824, a NaPi2b-directed topoisomerase-I inhibitor ADC, and a platform to develop novel ADCs. Inflammation

Completed the acquisition of Ouro Medicines for $1.675 billion in upfront consideration, which brings Gilead gamgertamig, an investigational clinical stage BCMAxCD3 T cell engager for autoimmune diseases. The acquisition was completed in collaboration with Lakefront, which equally shared the upfront payment and will equally share contingent milestone payments, subject to customary adjustments. Announced positive results from the Phase 3 IDEAL study, supporting the potential of Livdelzi to help people living with primary biliary cholangitis (“PBC”) with elevated alkaline phosphatase (“ALP”) levels (between 1.0 and 1.67xULN) whose disease remains inadequately controlled despite treatment with ursodeoxycholic acid (“UDCA”), or who are intolerant to UDCA. Presented data from the open-label Phase 3 ASSURE study at the 2026 European Association for the Study of the Liver Congress evaluating the long-term safety and tolerability profile of Livdelzi in people living with PBC with elevated ALP levels (between 1.0 and 1.67xULN) whose disease remains inadequately controlled despite treatment with UDCA, or who are intolerant to UDCA. Corporate

Issued $3.0 billion aggregate principal amount of senior unsecured notes and borrowed $1.1 billion aggregate principal amount under a one-year term loan facility. Announced a renewed 5-year collaboration with the World Health Organization to commit funding, strategic support and AmBisome donations toward eliminating visceral leishmaniasis. The Board declared a quarterly dividend of $0.82 per share of common stock for the third quarter of 2026. The dividend is payable on September 29, 2026, to stockholders of record at the close of business on September 15, 2026. Future dividends will be subject to Board approval. Certain amounts and percentages in this press release may not sum or recalculate due to rounding.

Conference Call

At 1:30 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead’s results. A live webcast will be available on http://investors.gilead.com and will be archived on www.gilead.com for one year.

Non-GAAP Financial Information

The information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead’s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead’s operating results as reported under GAAP. Non-GAAP financial information generally excludes acquisition-related expenses including amortization of acquired intangible assets, restructuring charges and other items that are considered unusual or not representative of underlying trends of Gilead’s business, fair value adjustments of equity securities, the related tax charges or benefits associated with such exclusions and other discrete tax charges or benefits not representative of underlying trends such as changes in tax laws, transfers of intangible assets between certain legal entities, and effects of legal entity restructurings. Although Gilead consistently excludes the amortization of acquired intangible assets from the non-GAAP financial information, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisitions and contribute to ongoing revenue generation. Non-GAAP measures may be defined and calculated differently by other companies in the same industry. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the accompanying tables.

About Gilead Sciences

Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer and inflammation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California.

Forward-Looking Statements

Statements included in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: Gilead’s ability to achieve its full year 2026 financial guidance, including as a result of the uncertainty of the amount and timing of Veklury revenues, the impact from Medicare Part D pricing reform in the Inflation Reduction Act, the expiration of subsidies related to the Affordable Care Act, our most-favored-nation pricing agreement with the U.S. government, changes in U.S. regulatory or legislative policies, and changes in U.S. trade policies, including tariffs; Gilead’s ability to make progress on any of its long-term ambitions or priorities laid out in its corporate strategy; Gilead’s ability to accelerate or sustain revenues for its virology, oncology, inflammation and other programs; Gilead’s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including the arrangements with Arcellx, Immunomedics, Lakefront, Merck, Ouro Medicines, The World Health Organization and Tubulis; the risk that Gilead’s U.S. manufacturing and R&D investment may not achieve their intended benefits; patent protection and estimated loss of exclusivity for our products and product candidates; Gilead’s ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all, the possibility of unfavorable results from ongoing and additional clinical trials, including those involving Livdelzi, Trodelvy, anito-cel, KITE-753 and lenacapavir (such as ASCENT-03, ASCENT-04, ASSURE, IDEAL, ISLEND-1 and ISLEND-2), and the risk that safety and efficacy data from clinical trials may not warrant further development of Gilead’s product candidates or the product candidates of Gilead’s strategic partners; Gilead’s ability to resolve the issues cited by the FDA in pending clinical holds to the satisfaction of the FDA and the risk that FDA may not remove such clinical holds, in whole or in part, in a timely manner or at all; Gilead’s ability to submit new drug applications for new product candidates or expanded indications in the currently anticipated timelines; Gilead’s ability to receive or maintain regulatory approvals in a timely manner or at all, and the risk that any such approvals, if granted, may be subject to significant limitations on use and may be subject to withdrawal or other adverse actions by the applicable regulatory authority, including those involving Hepcludex, Trodelvy and once-weekly oral Yeztugo; Gilead’s ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead’s products; pricing and reimbursement pressures from government agencies and other third parties, including required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion caused by the introduction of generic versions of Gilead products; the risk that physicians and patients may not see advantages of Gilead’s products over other therapies, including Hepcludex and Trodelvy; Gilead’s ability to effectively manage the access strategy relating to lenacapavir for HIV PrEP, subject to necessary regulatory approvals; and other risks identified from time to time in Gilead’s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ significantly from these estimates. Further, results for the quarter ended June 30, 2026 are not necessarily indicative of operating results for any future periods.

Gilead directs readers to its press releases, annual reports on Form 10-K, quarterly reports on Form 10-Q and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements.

The reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements.

Additional information is available on our Investor Relations website, https://investors.gilead.com. Among other things, an estimate of Acquired IPR&D expenses is expected to be made available on the Quarterly Results page within the first ten (10) days after the end of each quarter.

Gilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD®, GILEAD SCIENCES®, KITE®, AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®, DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPCLUDEX®, JYSELECA®, LIVDELZI®/LYVDELZI®, LETAIRIS®, ODEFSEY®, SOVALDI®, STRIBILD®, SUNLENCA®, TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA®, YEZTUGO®/YEYTUO® and ZYDELIG®. Other trademarks and trade names are the property of their respective owners.

For more information on Gilead Sciences, Inc., please visit www.gilead.com or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235).

  GILEAD SCIENCES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

  Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions, except per share amounts)

2026

2025

2026

2025

Revenues:

Product sales

$

7,627

$

7,054

$

14,574

$

13,668

Royalty, contract and other revenues

176

27

189

81

Total revenues

7,803

7,082

14,763

13,749

Costs and expenses:

Cost of goods sold

1,579

1,501

3,023

3,041

Research and development expenses

1,764

1,491

3,136

2,870

Acquired in-process research and development expenses

11,183

61

11,290

315

In-process research and development impairments

1,750

190

1,750

190

Selling, general and administrative expenses

1,921

1,365

3,372

2,623

Total costs and expenses

18,197

4,608

22,571

9,038

Operating (loss) income

(10,394

)

2,474

(7,808

)

4,711

Interest expense

247

254

487

513

Other (income) expense, net

(387

)

(208

)

(621

)

120

(Loss) income before income taxes

(10,254

)

2,429

(7,674

)

4,077

Income tax expense

242

468

801

802

Net (loss) income

$

(10,496

)

$

1,960

$

(8,475

)

$

3,275

Basic (loss) earnings per share

$

(8.45

)

$

1.57

$

(6.82

)

$

2.63

Diluted (loss) earnings per share

$

(8.45

)

$

1.56

$

(6.82

)

$

2.61

Shares used in basic (loss) earnings per share calculation

1,243

1,245

1,243

1,246

Shares used in diluted (loss) earnings per share calculation

1,243

1,255

1,243

1,257

Supplemental Information:

Cash dividends declared per share

$

0.82

$

0.79

$

1.64

$

1.58

Product gross margin

79.3

%

78.7

%

79.3

%

77.7

%

Research and development expenses as a % of revenues

22.6

%

21.1

%

21.2

%

20.9

%

Selling, general and administrative expenses as a % of revenues

24.6

%

19.3

%

22.8

%

19.1

%

Operating margin

(133.2

)%

34.9

%

(52.9

)%

34.3

%

Effective tax rate

(2.4

)%

19.3

%

(10.4

)%

19.7

%

GILEAD SCIENCES, INC.

TOTAL REVENUE SUMMARY

(unaudited)

  Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions, except percentages)

2026

2025

Change

2026

2025

Change

Product sales:

HIV

$

5,693

$

5,088

12

%

$

10,723

$

9,675

11

%

Liver Disease

877

795

10

%

1,644

1,553

6

%

Oncology

873

849

3

%

1,683

1,606

5

%

Other

161

202

(20

)%

357

410

(13

)%

Total product sales excluding Veklury

7,604

6,934

10

%

14,406

13,245

9

%

Veklury

23

121

(81

)%

167

423

(60

)%

Total product sales

7,627

7,054

8

%

14,574

13,668

7

%

Royalty, contract and other revenues

176

27

NM

189

81

NM

Total revenues

$

7,803

$

7,082

10

% $

14,763

$

13,749

7

% GILEAD SCIENCES, INC.

NON-GAAP FINANCIAL INFORMATION(1)

(unaudited)

  Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions, except percentages)

2026

2025

Change

2026

2025

Change

Non-GAAP:

Cost of goods sold

$

999

$

922

8

%

$

1,868

$

1,883

(1

)%

Research and development expenses

$

1,429

$

1,450

(1

)%

$

2,783

$

2,789

—

%

Acquired IPR&D expenses

$

11,183

$

61

NM

$

11,290

$

315

NM

Selling, general and administrative expenses

$

1,521

$

1,358

12

%

$

2,884

$

2,580

12

%

Other (income) expense, net

$

(44

)

$

(66

)

(33

)%

$

(137

)

$

(164

)

(17

)%

Diluted (loss) earnings per share

$

(6.75

)

$

2.01

NM

$

(4.70

)

$

3.82

NM

Shares used in non-GAAP diluted (loss) earnings per share calculation

1,243

1,255

(1

)%

1,243

1,257

(1

)%

Product gross margin

86.9

%

86.9

%

-3 bps

87.2

%

86.2

%

96 bps

Research and development expenses as a % of revenues

18.3

%

20.5

%

-217 bps

18.9

%

20.3

%

-143 bps

Selling, general and administrative expenses as a % of revenues

19.5

%

19.2

%

32 bps

19.5

%

18.8

%

77 bps

Operating margin

(93.9

)%

46.5

%

NM

(27.5

)%

45.0

%

NM

Effective tax rate

(11.4

)%

18.8

%

NM

(32.4

)%

17.6

%

NM

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

(unaudited)

  Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions, except percentages and per share amounts)

2026

2025

2026

2025

Cost of goods sold reconciliation:

GAAP cost of goods sold

$

1,579

$

1,501

$

3,023

$

3,041

Acquisition-related – amortization(1)

(579

)

(579

)

(1,155

)

(1,158

)

Restructuring

—

—

(1

)

—

Non-GAAP cost of goods sold

$

999

$

922

$

1,868

$

1,883

Product gross margin reconciliation:

GAAP product gross margin

79.3

%

78.7

%

79.3

%

77.7

%

Acquisition-related – amortization(1)

7.6

%

8.2

%

7.9

%

8.5

%

Restructuring

—

%

—

%

—

%

—

%

Non-GAAP product gross margin

86.9

%

86.9

%

87.2

%

86.2

%

Research and development expenses reconciliation:

GAAP research and development expenses

$

1,764

$

1,491

$

3,136

$

2,870

Acquisition-related – other costs(2)

(333

)

(35

)

(336

)

(37

)

Restructuring

(2

)

(6

)

(17

)

(44

)

Non-GAAP research and development expenses

$

1,429

$

1,450

$

2,783

$

2,789

IPR&D impairment reconciliation:

GAAP IPR&D impairment

$

1,750

$

190

$

1,750

$

190

IPR&D impairment

(1,750

)

(190

)

(1,750

)

(190

)

Non-GAAP IPR&D impairment

$

—

$

—

$

—

$

—

Selling, general and administrative expenses reconciliation:

GAAP selling, general and administrative expenses

$

1,921

$

1,365

$

3,372

$

2,623

Acquisition-related – other costs(2)

(385

)

—

(385

)

—

Restructuring

(15

)

(7

)

(40

)

(43

)

Other(3)

—

—

(63

)

—

Non-GAAP selling, general and administrative expenses

$

1,521

$

1,358

$

2,884

$

2,580

Operating (loss) income reconciliation:

GAAP operating (loss) income

$

(10,394

)

$

2,474

$

(7,808

)

$

4,711

Acquisition-related – amortization(1)

579

579

1,155

1,158

Acquisition-related – other costs(2)

718

35

721

37

Restructuring

17

13

57

88

IPR&D impairment

1,750

190

1,750

190

Other(3)

—

—

63

—

Non-GAAP operating (loss) income

$

(7,329

)

$

3,290

$

(4,062

)

$

6,183

Operating margin reconciliation:

GAAP operating margin

(133.2

)%

34.9

%

(52.9

)%

34.3

%

Acquisition-related – amortization(1)

7.4

%

8.2

%

7.8

%

8.4

%

Acquisition-related – other costs(2)

9.2

%

0.5

%

4.9

%

0.3

%

Restructuring

0.2

%

0.2

%

0.4

%

0.6

%

IPR&D impairment

22.4

%

2.7

%

11.9

%

1.4

%

Other(3)

—

%

—

%

0.4

%

—

%

Non-GAAP operating margin

(93.9

)%

46.5

%

(27.5

)%

45.0

%

Other (income) expense, net reconciliation:

GAAP other (income) expense, net

$

(387

)

$

(208

)

$

(621

)

$

120

Gain (loss) from equity securities, net

343

142

485

(284

)

Non-GAAP other (income) expense, net

$

(44

)

$

(66

)

$

(137

)

$

(164

)

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued)

(unaudited)

  Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions, except percentages and per share amounts)

2026

2025

2026

2025

(Loss) income before income taxes reconciliation:

GAAP (loss) income before income taxes

$

(10,254

)

$

2,429

$

(7,674

)

$

4,077

Acquisition-related – amortization(1)

579

579

1,155

1,158

Acquisition-related – other costs(2)

718

35

721

37

Restructuring

17

13

57

88

IPR&D impairment

1,750

190

1,750

190

(Gain) loss from equity securities, net

(343

)

(142

)

(485

)

284

Other(3)

—

—

63

—

Non-GAAP (loss) income before income taxes

$

(7,531

)

$

3,103

$

(4,412

)

$

5,834

Income tax expense reconciliation:

GAAP income tax expense

$

242

$

468

$

801

$

802

Income tax effect of non-GAAP adjustments:

Acquisition-related – amortization(1)

119

120

236

241

Acquisition-related – other costs(2)

79

—

79

—

Restructuring

3

2

9

15

IPR&D impairment

415

51

415

51

(Gain) loss from equity securities, net

(42

)

(11

)

(108

)

10

Discrete and related tax charges(4)

44

(48

)

(2

)

(90

)

Non-GAAP income tax expense

$

860

$

583

$

1,430

$

1,029

Effective tax rate reconciliation:

GAAP effective tax rate

(2.4

)%

19.3

%

(10.4

)%

19.7

%

Income tax effect of above non-GAAP adjustments and discrete and related tax adjustments(4)

(9.1

)%

(0.5

)%

(22.0

)%

(2.0

)%

Non-GAAP effective tax rate

(11.4

)%

18.8

%

(32.4

)%

17.6

%

Net (loss) income reconciliation:

GAAP net (loss) income

$

(10,496

)

$

1,960

$

(8,475

)

$

3,275

Acquisition-related – amortization(1)

461

459

919

917

Acquisition-related – other costs(2)

640

35

642

37

Restructuring

14

11

48

72

IPR&D impairment

1,335

139

1,335

139

(Gain) loss from equity securities, net

(301

)

(131

)

(377

)

275

Discrete and related tax charges(4)

(44

)

48

2

90

Other(3)

—

—

63

—

Non-GAAP net (loss) income

$

(8,391

)

$

2,521

$

(5,842

)

$

4,806

Diluted (loss) earnings per share reconciliation:

GAAP diluted (loss) earnings per share

$

(8.45

)

$

1.56

$

(6.82

)

$

2.61

Acquisition-related – amortization(1)

0.37

0.37

0.74

0.73

Acquisition-related – other costs(2)

0.51

0.03

0.52

0.03

Restructuring

0.01

0.01

0.04

0.06

IPR&D impairment

1.07

0.11

1.07

0.11

(Gain) loss from equity securities, net

(0.24

)

(0.10

)

(0.30

)

0.22

Discrete and related tax charges(4)

(0.04

)

0.04

—

0.07

Other(3)

—

—

0.05

—

Non-GAAP diluted (loss) earnings per share

$

(6.75

)

$

2.01

$

(4.70

)

$

3.82

GILEAD SCIENCES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued)

(unaudited)

  Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions, except percentages and per share amounts)

2026

2025

2026

2025

Non-GAAP adjustment summary:

Cost of goods sold adjustments

$

579

$

579

$

1,156

$

1,158

Research and development expenses adjustments

335

41

352

81

IPR&D impairment adjustments

1,750

190

1,750

190

Selling, general and administrative expenses adjustments

400

7

488

43

Total non-GAAP adjustments to costs and expenses

3,065

817

3,746

1,472

Other (income) expense, net, adjustments

(343

)

(142

)

(485

)

284

Total non-GAAP adjustments before income taxes

2,722

675

3,262

1,757

Income tax effect of non-GAAP adjustments above

(574

)

(162

)

(631

)

(316

)

Discrete and related tax charges(4)

(44

)

48

2

90

Total non-GAAP adjustments to net income

$

2,105

$

560

$

2,633

$

1,530

____________________ (1)

Relates to amortization of acquired intangibles.

(2)

Adjustments include integration expenses and contingent consideration fair value adjustments associated with Gilead’s recent acquisitions.

(3)

Adjustments include donations of equity securities to the Gilead Foundation, a California nonprofit organization, during the first quarter of 2026.

(4)

Represents discrete and related deferred tax charges or benefits primarily associated with acquisition-related adjustments and transfers of intangible assets from a foreign subsidiary to Ireland and the United States.

GILEAD SCIENCES, INC. RECONCILIATION OF GAAP TO NON-GAAP 2026 FULL-YEAR GUIDANCE(1)

(unaudited)

  (in millions, except percentages and per share amounts)

Provided
February 10, 2026

Updated
May 7, 2026

Updated
August 4, 2026

Projected product gross margin GAAP to non-GAAP reconciliation:

GAAP projected product gross margin

~ 79.0%

~ 79.0%

~ 79.0%

Acquisition-related expenses

~ 8.0%

~ 8.0%

~ 8.0%

Non-GAAP projected product gross margin

~ 87.0%

~ 87.0%

~ 87.0%

Projected operating income (loss) GAAP to non-GAAP reconciliation:

GAAP projected operating income (loss)

$11,400 - $11,900

$(1,000) - $(500)

$(2,250) - $(1,850)

Acquisition-related, IPR&D impairment, restructuring and other expenses

~ 2,400

~ 3,400

~ 5,150

Non-GAAP projected operating income

$13,800 - $14,300

$2,400 - $2,900

$2,900 - $3,300

Projected effective tax rate GAAP to non-GAAP reconciliation:(2)

GAAP projected effective tax rate

~ 21%

~ (150%) - (220%)

~ (80%) - (90%)

Income tax effect of above non-GAAP adjustments and fair value adjustments of equity securities, and discrete and related tax adjustments

(~ 1%)

NM

NM

Non-GAAP projected effective tax rate

~ 20%

~ 190% - 140%

~ 140% - 115%

Projected diluted earnings (loss) per share GAAP to non-GAAP reconciliation:

GAAP projected diluted earnings (loss) per share

$6.75 - $7.15

$(3.25) - $(2.85)

$(3.75) - $(3.40)

Acquisition-related, IPR&D impairment, restructuring and other expenses, fair value adjustments of equity securities and discrete and related tax adjustments

~ 1.70

~ 2.20

~ 3.10

Non-GAAP projected diluted earnings (loss) per share

$8.45 - $8.85

$(1.05) - $(0.65)

$(0.65) - $(0.30)

GILEAD SCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in millions)

June 30,

2026

December 31,

2025

Assets

Cash, cash equivalents and marketable debt securities

$

3,179

$

10,605

Accounts receivable, net

5,055

4,913

Inventories(1)

4,298

4,368

Property, plant and equipment, net

5,833

5,606

Intangible assets, net

14,032

16,978

Goodwill

8,314

8,314

Other assets

8,652

8,239

Total assets

$

49,362

$

59,023

Liabilities and Stockholders’ Equity

Current liabilities

$

11,020

$

11,813

Long-term liabilities

26,598

24,592

Stockholders’ equity(2)

11,744

22,618

Total liabilities and stockholders’ equity

$

49,362

$

59,023

GILEAD SCIENCES, INC.

SELECTED CASH FLOW INFORMATION

(unaudited)

  Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions)

2026

2025

2026

2025

Net cash provided by operating activities

$

3,573

$

827

$

6,117

$

2,584

Net cash used in investing activities

(10,347

)

(2,116

)

(8,577

)

(2,531

)

Net cash provided by (used in) financing activities

2,344

(1,566

)

(1,895

)

(4,993

)

Effect of exchange rate changes on cash and cash equivalents

(19

)

73

(30

)

92

Net change in cash and cash equivalents

(4,450

)

(2,782

)

(4,385

)

(4,848

)

Cash and cash equivalents at beginning of period

7,628

7,926

7,564

9,991

Cash and cash equivalents at end of period

$

3,179

$

5,144

$

3,179

$

5,144

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions)

2026

2025

2026

2025

Net cash provided by operating activities

$

3,573

$

827

$

6,117

$

2,584

Purchases of property, plant and equipment

(140

)

(107

)

(257

)

(211

)

Free cash flow(1)

$

3,432

$

720

$

5,859

$

2,373

GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY

(unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions) 2026

2025

2026

2025

HIV Biktarvy

U.S.

$ 2,981

$ 2,799

$ 5,553

$ 5,272

Europe

468

429

905

804

Rest of World

323

302

675

603

3,772

3,530

7,133

6,679

Descovy

U.S.

921

601

1,682

1,139

Europe

23

24

46

45

Rest of World

23

28

46

55

967

653

1,774

1,239

Genvoya

U.S.

236

322

451

627

Europe

37

40

70

79

Rest of World

16

16

32

35

289

377

553

741

Odefsey

U.S.

171

221

324

436

Europe

58

66

117

123

Rest of World

10

11

19

20

239

298

461

579

Symtuza - Revenue share(1)

U.S.

105

88

211

170

Europe

30

33

59

62

Rest of World

3

3

5

6

138

124

275

238

Yeztugo

U.S.

223

15

382

15

Europe

—

—

—

—

Rest of World

9

—

16

—

232

15

397

15

Other HIV(2)

U.S.

23

50

59

101

Europe

24

33

51

63

Rest of World

10

9

19

19

56

92

129

183

Total HIV

U.S.

4,659

4,096

8,663

7,760

Europe

640

624

1,248

1,177

Rest of World

393

368

812

738

5,693

5,088

10,723

9,675

GILEAD SCIENCES, INC. PRODUCT SALES SUMMARY - (Continued)

(unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions) 2026

2025

2026

2025

Liver Disease Livdelzi

U.S.

147

74

261

114

Europe

20

4

39

4

Rest of World

—

—

—

—

167

78

300

118

Sofosbuvir / Velpatasvir(3)

U.S.

142

184

283

351

Europe

81

81

141

161

Rest of World

80

76

162

175

303

342

586

687

Vemlidy

U.S.

124

122

215

222

Europe

13

13

27

24

Rest of World

152

117

284

257

289

252

526

504

Other Liver Disease(4)

U.S.

20

33

35

61

Europe

79

72

157

148

Rest of World

19

19

40

35

118

123

232

244

Total Liver Disease

U.S.

433

413

795

748

Europe

193

170

363

338

Rest of World

251

211

486

467

877

795

1,644

1,553

Veklury

Veklury

U.S.

14

51

126

250

Europe

2

19

17

41

Rest of World

7

50

25

132

23

121

167

423

Oncology

Cell Therapy

Tecartus

U.S.

29

41

59

82

Europe

34

41

71

72

Rest of World

8

9

16

17

70

92

146

171

Yescarta

U.S.

132

162

252

321

Europe

139

154

285

304

Rest of World

75

77

142

154

346

393

679

779

Total Cell Therapy

U.S.

161

203

311

403

Europe

173

196

356

376

Rest of World

83

86

157

171

417

485

824

949

Trodelvy

Trodelvy

U.S.

307

224

560

405

Europe

92

96

187

171

Rest of World

57

44

112

81

457

364

859

657

Total Oncology

U.S.

468

427

871

808

Europe

265

291

543

547

Rest of World

140

131

269

252

873

849

1,683

1,606

GILEAD SCIENCES, INC.

PRODUCT SALES SUMMARY - (Continued)

(unaudited)

  Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions) 2026

2025

2026

2025

Other AmBisome

U.S.

4

7

11

13

Europe

47

65

106

132

Rest of World

59

56

131

123

110

129

248

268

Other(5)

U.S.

22

44

61

91

Europe

8

8

16

16

Rest of World

21

21

32

35

51

73

109

143

Total Other

U.S.

26

52

72

104

Europe

55

73

122

149

Rest of World

80

77

163

158

161

202

357

410

Total product sales

U.S.

5,601

5,038

10,527

9,669

Europe

1,155

1,178

2,292

2,251

Rest of World

872

838

1,755

1,747

$

7,627

$

7,054

$

14,574

$

13,668

(1)

Represents Gilead’s revenue from cobicistat (“C”), FTC and TAF in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company.

(2)

Includes Atripla, Complera/Eviplera, Emtriva, Stribild, Sunlenca, Truvada and Tybost.

(3)

Includes Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC (“Asegua”).

(4)

Includes ledipasvir/sofosbuvir (Harvoni and the authorized generic version of Harvoni sold by Asegua), Hepcludex, Sovaldi, Viread and Vosevi.

(5)

Includes Cayston, Jyseleca, Letairis and Zydelig.

More News From Gilead Sciences, Inc.

3 Blue-Chip Stocks Built for a Rotating MarketGilead Sciences NASDAQ: GILD reported second-quarter 2026 base business sales growth of 10% year over year to $7.6 billion, supported by HIV treatments and prevention products, Trodelvy in oncology and Livdelzi in liver disease. The company raised its full-year base business sales outlook and increased its expected HIV growth rate, while reporting a quarterly non-GAAP loss driven by acquisition-related research and development charges.

Chairman and Chief Executive Officer Daniel O’Day said the company’s base business delivered its strongest second-quarter growth in three years. “This was also an exciting quarter of clinical execution with positive updates across our core therapeutic areas,” O’Day said.

Get Gilead Sciences alerts:

HIV Growth Drives Raised Outlook These 3 Cash Flow Machines Provide Stability in Uncertain MarketsSecond-quarter HIV sales rose 12% from a year earlier to $5.7 billion. Gilead increased its expectation for full-year HIV sales growth to 9% to 10%, compared with prior guidance for 8% growth.

Biktarvy sales increased 7% year over year to $3.8 billion. Chief Commercial and Corporate Affairs Officer Johanna Mercier said growth reflected higher average realized prices, inventory build and demand. Sequential sales growth was partly offset by lower demand tied to market dynamics, including a greater-than-expected impact from Affordable Care Act-related changes.

3 Cash-Flow Machines Investors May Want Heading Into 2026Mercier said HIV treatment market growth slowed during the quarter as some patients navigated changes in insurance coverage, though Gilead expects the market to return to its typical annual growth rate of 2% to 3%.

Gilead’s HIV prevention, or PrEP, business more than doubled year over year and exceeded $1 billion in quarterly sales for the first time. The company said its total PrEP business is now operating at an annual run rate of $4 billion.

Yeztugo recorded second-quarter sales of $232 million, up 40% sequentially. Gilead maintained its expectation for about $1 billion in full-year Yeztugo sales. Descovy PrEP sales were approximately $801 million, up 60% year over year, driven by demand and higher realized prices related to channel mix. Gilead said more than 70% of Yeztugo users returned for reinjection at six months, extending their protection for a full year. Mercier said Yeztugo had become the leading long-acting PrEP option for treatment-naive users and the leading option in the PrEP switch market across oral and injectable products. The company recently introduced a patient-support program, called Ready to Go, that includes text-message reminders, education, patient-support links and nurse call-center services intended to support persistence.

Gilead expects an FDA decision by Aug. 27 on bictegravir plus lenacapavir, or BIC/LEN, a once-daily oral regimen for virally suppressed people with HIV. The company also plans global filings for its once-weekly islatravir plus lenacapavir regimen, developed with Merck, and sees a potential launch in 2027 following positive Phase III ISLEND-1 and ISLEND-2 results.

Oncology Expansion and Cell Therapy Preparations Trodelvy sales rose 26% year over year to $457 million, driven by demand in triple-negative breast cancer and pretreated HR-positive, HER2-negative metastatic breast cancer. During the quarter, the FDA approved Trodelvy in first-line metastatic triple-negative breast cancer across PD-L1 status.

Mercier said the first-line metastatic triple-negative breast cancer population is nearly twice the size of the second-line setting and has a longer median treatment duration. Gilead expects the approvals and updated NCCN guidelines to broaden adoption of the drug.

The company also closed its acquisition of Tubulis, adding an antibody-drug conjugate platform and clinical-stage candidates. Chief Medical Officer Dietmar Berger highlighted Phase I data for GS-8824, formerly TUB-040, in platinum-resistant ovarian cancer. Across selected doses, the NaPi2b-directed antibody-drug conjugate showed a confirmed objective response rate of 61%, median progression-free survival of 11 months and a low rate of hematological toxicity, according to Berger.

Gilead expects to enter registrational development of GS-8824 in platinum-resistant ovarian cancer as early as 2027. It has also added early-stage programs in platinum-sensitive ovarian cancer and other advanced tumors.

Cell therapy sales were $417 million, down 14% year over year amid competition across regions. Sales rose 2% sequentially, reflecting increased Yescarta demand that was partly offset by competitive pressure on Tecartus.

Gilead is preparing for a potential launch of anito-cel in fourth-line or later relapsed or refractory multiple myeloma, with a Dec. 23 PDUFA date. The company completed its acquisition of Arcellx in April, giving it full ownership of anito-cel and the D-domain binder platform. Berger said enrollment in the iMMagine-3 second-line multiple myeloma trial was completed during the quarter, with a potential filing in that indication as early as 2027.

Liver Business Gains Momentum Livdelzi sales more than doubled year over year to $167 million, supported by U.S. demand and uptake in Europe. Gilead said Livdelzi remains the leading second-line treatment for primary biliary cholangitis.

The company also reported positive top-line Phase III IDEAL results in patients with inadequately controlled primary biliary cholangitis and lower alkaline phosphatase levels. Berger said the study showed statistically significant composite alkaline phosphatase normalization, with detailed findings expected at a medical conference later this year.

Total liver disease sales increased 10% year over year to $877 million. Gilead launched Hepcludex in the U.S. after the FDA granted accelerated approval in May, making it the first and only FDA-approved treatment for chronic hepatitis delta virus infection. The company expects Hepcludex to be a modest growth contributor.

Acquisition Charges Affect Reported Earnings Total product sales were $7.6 billion, up 8% year over year, as base business growth was partly offset by lower Veklury sales. Gilead reduced its full-year Veklury sales forecast to approximately $300 million from approximately $600 million, citing fewer COVID-19-related hospitalizations.

Chief Financial Officer Andrew Dickinson said second-quarter acquired in-process R&D expenses were $11.2 billion, largely related to the Arcellx, Tubulis and Ouro Medicines acquisitions. As a result, Gilead reported non-GAAP diluted earnings per share of negative $6.75 and a non-GAAP operating margin of negative 94%.

Excluding acquisition-related IPR&D expenses and nonrecurring other revenue, Dickinson said illustrative non-GAAP diluted EPS was $2.27 for the quarter. Gilead raised its full-year base business sales outlook to $29.8 billion to $30.1 billion, representing growth of about 6% to 7% year over year. It forecast full-year non-GAAP EPS of negative $0.65 to negative $0.30, while illustrative EPS excluding specified acquisition-related effects and nonrecurring other revenue was projected at $8.50 to $8.85.

The company returned nearly $1.4 billion to shareholders in the second quarter, including $355 million in share repurchases. Dickinson said Gilead does not currently anticipate pursuing additional sizable acquisitions this year as it focuses on integrating the businesses and platforms acquired during the first half.

About Gilead Sciences (NASDAQ:GILD)Gilead Sciences, Inc, founded in 1987 and headquartered in Foster City, California, is a biopharmaceutical company focused on the discovery, development and commercialization of medicines in areas of high unmet medical need. The company initially built its reputation in antiviral therapies and has since expanded into oncology, cell therapy and inflammatory diseases. Gilead operates a global research and commercial organization, conducting clinical development and selling medicines in markets around the world.

Gilead's product portfolio is anchored by antiviral therapies for HIV and viral hepatitis.

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