AI-generated analysis, not investment advice. The articles are written by AI, edited, and checked against company filings — but the judgements are opinions and the figures go stale. How this is made · Terms

ViiV Healthcare: The Rival in Every HIV CategoryNarrow moat

Gilead Sciences (GILD) — moat facet

ViiV grows HIV sales nearly as fast as Gilead by selling injections, which take patients out of the daily-tablet market Gilead dominates.

ViiV Healthcare is the one competitor that meets Gilead across the whole HIV market, with no partnership to soften the contest. Reported by GSK, it posted HIV sales of £2,078 million in the second quarter of 2026, up 11%1, against Gilead's $5,693 million, up 12%2. Gilead is larger; ViiV is growing almost as fast.

HIV sales growth, Q2 2026 (%)+12Gilead HIV+7Biktarvy+11ViiV HIV+33Cabenuva+39ApretudeGilead Q2 2026 results release; GSK Q2 2026 results announcement
The injectables grow three to five times faster than the tablets.

The two have chosen different formats. Gilead's franchise is built on daily single tablets, above all Biktarvy. ViiV has a daily tablet too, Dovato, which sold £749 million in the quarter3, but its growth comes from long-acting injections. Cabenuva for treatment sold £453 million, up 33%, and Apretude for prevention £140 million, up 39%4. GSK says that "LAIs delivered 80% of total HIV growth" in the quarter5 and that long-acting injectables are "35% of US HIV turnover"6.

That makes ViiV the clearest test of Gilead's switching cost. A patient who moves to an injection every month or two leaves the daily-tablet market altogether. Gilead's reply is lenacapavir: the twice-yearly Yeztugo in prevention, which sold $232 million in the same quarter7, and a once-weekly oral regimen with Merck in treatment8. In prevention, the two companies now sell competing long-acting products into what GSK calls "a competitive US long-acting prevention market"9.

Gilead does not name ViiV in its 10-K; it describes competition from "large pharmaceutical and biotechnology companies" in general terms10. The figures above come from GSK's own reporting.

The half-year totals show the scale of each. ViiV's HIV sales were £3,902 million in the first half of 202611; Gilead's HIV product sales were $10,723 million12. Different currencies make the comparison rough, but Gilead is the larger HIV business by a wide margin. What ViiV has is the faster-growing format: Apretude alone sold £260 million in the half13, against Yeztugo's $397 million14.

The rivalry is a measure of the HIV moat. If Gilead's HIV growth falls below ViiV's for four consecutive quarters, the injectable format will be taking share from the daily tablet.

Moat trajectory: Narrowing

ViiV long-acting injectables 35% of its US HIV sales.

The number that tests this moat
Reported
ViiV HIV sales growth, latest quarter
+11% (Q2 2026: GBP 2,078M), against Gilead HIV +12% ($5,693M)

The head-to-head pace; ViiV growing faster for four quarters would mean injections are taking share.

Source: GSK Q2 2026 results announcement ↗
References
  1. ReportedReported by GSK, it posted HIV sales of £2,078 million in the second quarter of 2026, up 11%, against Gilead's $5,693 million, up 12%.
    GSK second-quarter 2026 results announcement - ViiV Healthcare HIV sales of GBP 2,078 million (+11%), Dovato GBP 749 million, Cabenuva GBP 453 million (+33%), Apretude GBP 140 million (+39%); long-acting injectables 35% of US HIV turnover. — Q2 2026 · publ. July 2026 · source ↗
  2. ReportedReported by GSK, it posted HIV sales of £2,078 million in the second quarter of 2026, up 11%, against Gilead's $5,693 million, up 12%.
    Gilead Sciences second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue by product, income statement, cash flow, balance sheet, pipeline updates and 2026 guidance - revenue by product and product group and the drivers of each. — Q2 2026 · publ. 4 August 2026 · source ↗
  3. ReportedViiV has a daily tablet too, Dovato, which sold £749 million in the quarter, but its growth comes from long-acting injections.
    GSK second-quarter 2026 results announcement - ViiV Healthcare HIV sales of GBP 2,078 million (+11%), Dovato GBP 749 million, Cabenuva GBP 453 million (+33%), Apretude GBP 140 million (+39%); long-acting injectables 35% of US HIV turnover. — Q2 2026 · publ. July 2026 · source ↗
  4. ReportedCabenuva for treatment sold £453 million, up 33%, and Apretude for prevention £140 million, up 39%.
    GSK second-quarter 2026 results announcement - ViiV Healthcare HIV sales of GBP 2,078 million (+11%), Dovato GBP 749 million, Cabenuva GBP 453 million (+33%), Apretude GBP 140 million (+39%); long-acting injectables 35% of US HIV turnover. — Q2 2026 · publ. July 2026 · source ↗
  5. ReportedGSK says that "LAIs delivered 80% of total HIV growth" in the quarter and that long-acting injectables are "35% of US HIV turnover".
    GSK second-quarter 2026 results announcement - ViiV Healthcare HIV sales of GBP 2,078 million (+11%), Dovato GBP 749 million, Cabenuva GBP 453 million (+33%), Apretude GBP 140 million (+39%); long-acting injectables 35% of US HIV turnover. — Q2 2026 · publ. July 2026 · source ↗
  6. ReportedGSK says that "LAIs delivered 80% of total HIV growth" in the quarter and that long-acting injectables are "35% of US HIV turnover".
    GSK second-quarter 2026 results announcement - ViiV Healthcare HIV sales of GBP 2,078 million (+11%), Dovato GBP 749 million, Cabenuva GBP 453 million (+33%), Apretude GBP 140 million (+39%); long-acting injectables 35% of US HIV turnover. — Q2 2026 · publ. July 2026 · source ↗
  7. ReportedGilead's reply is lenacapavir: the twice-yearly Yeztugo in prevention, which sold $232 million in the same quarter, and a once-weekly oral regimen with Merck in treatment.
    Gilead Sciences second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue by product, income statement, cash flow, balance sheet, pipeline updates and 2026 guidance - pipeline, regulatory and business development updates. — Q2 2026 · publ. 4 August 2026 · source ↗
  8. ReportedGilead's reply is lenacapavir: the twice-yearly Yeztugo in prevention, which sold $232 million in the same quarter, and a once-weekly oral regimen with Merck in treatment.
    Gilead Sciences second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue by product, income statement, cash flow, balance sheet, pipeline updates and 2026 guidance - pipeline, regulatory and business development updates. — Q2 2026 · publ. 4 August 2026 · source ↗
  9. ReportedIn prevention, the two companies now sell competing long-acting products into what GSK calls "a competitive US long-acting prevention market".
    GSK second-quarter 2026 results announcement - ViiV Healthcare HIV sales of GBP 2,078 million (+11%), Dovato GBP 749 million, Cabenuva GBP 453 million (+33%), Apretude GBP 140 million (+39%); long-acting injectables 35% of US HIV turnover. — Q2 2026 · publ. July 2026 · source ↗
  10. ReportedGilead does not name ViiV in its 10-K; it describes competition from "large pharmaceutical and biotechnology companies" in general terms.
    Gilead Sciences Form 10-K for 2025 - Item 1 business and the revenue-by-product table: products, programs, employees and manufacturing. — FY2025 · publ. 24 February 2026 · source ↗
  11. ReportedViiV's HIV sales were £3,902 million in the first half of 2026; Gilead's HIV product sales were $10,723 million.
    GSK second-quarter 2026 results announcement - ViiV Healthcare HIV sales of GBP 2,078 million (+11%), Dovato GBP 749 million, Cabenuva GBP 453 million (+33%), Apretude GBP 140 million (+39%); long-acting injectables 35% of US HIV turnover. — Q2 2026 · publ. July 2026 · source ↗
  12. ReportedViiV's HIV sales were £3,902 million in the first half of 2026; Gilead's HIV product sales were $10,723 million.
    Gilead Sciences second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue by product, income statement, cash flow, balance sheet, pipeline updates and 2026 guidance - revenue by product and product group and the drivers of each. — Q2 2026 · publ. 4 August 2026 · source ↗
  13. ReportedWhat ViiV has is the faster-growing format: Apretude alone sold £260 million in the half, against Yeztugo's $397 million.
    GSK second-quarter 2026 results announcement - ViiV Healthcare HIV sales of GBP 2,078 million (+11%), Dovato GBP 749 million, Cabenuva GBP 453 million (+33%), Apretude GBP 140 million (+39%); long-acting injectables 35% of US HIV turnover. — Q2 2026 · publ. July 2026 · source ↗
  14. ReportedWhat ViiV has is the faster-growing format: Apretude alone sold £260 million in the half, against Yeztugo's $397 million.
    Gilead Sciences second-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue by product, income statement, cash flow, balance sheet, pipeline updates and 2026 guidance - revenue by product and product group and the drivers of each. — Q2 2026 · publ. 4 August 2026 · source ↗
Sources
Generated October 4, 2026