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◆ Inside the Latest Quarter (Q2 2026)

Gilead Sciences (GILD) — the variant view

Gilead's Q2 2026 brought 12% HIV growth and $3.4 billion of free cash flow alongside a $10.5 billion net loss from acquired research.

📈 GILD valuation, revenue & earnings — P/E, P/S, revenue, EPS →

The second quarter of 2026 contained Gilead's whole story in three months. Total revenues rose 10% to $7,803 million1. HIV sales grew 12% to $5,693 million on "higher average realized price and demand"2. Descovy rose 48% to $967 million and Yeztugo reached $232 million3. Liver Disease grew 10% to $877 million4.

Gilead Q2 2026 product sales by group ($M)5,693HIV877Liver Disease873Oncology161Other23VekluryGilead Q2 2026 results release
HIV was three-quarters of product sales in the quarter.

The weak lines were the old and the bought. Veklury fell 81% to $23 million on "lower rates of COVID-19-related hospitalizations"5. Cell therapy fell 14% to $417 million6. Trodelvy grew 26% to $457 million7, after a new first-line breast cancer approval.

Then the acquisitions. Acquired IPR&D was $11,183 million in the quarter8, and an IPR&D impairment of $1,750 million wrote off the rest of Trodelvy's lung-cancer asset910. The result was an operating loss of $10,394 million, a net loss of $10,496 million and diluted EPS of minus $8.4511. Gilead put the acquired IPR&D and tax effect at $9.08 a share12.

The cash ignored all of it. Free cash flow was $3,432 million, against $720 million a year earlier13. Product gross margin rose to 79.3%14. Gilead paid $1.0 billion of dividends and repurchased $355 million of stock15.

Guidance moved both ways. Product sales for 2026 were raised to $30.1-30.4 billion, while Veklury was cut to about $300 million and GAAP EPS guided to a loss of $3.40 to $3.7516.

The first quarter had been quieter. Revenue rose 4% to $7.0 billion and diluted EPS was $1.6117, before the Arcellx, Tubulis and Ouro charges arrived in the second. Non-GAAP R&D in the second quarter was $1.4 billion against $1.5 billion a year earlier, on lower oncology clinical study activity18: the money spent on research shifted from running trials to buying programmes.

Next quarter's test is HIV. If HIV growth in the third quarter falls below 6%, the 12% in this one will have been flattered by inventory and price.

References
  1. ReportedTotal revenues rose 10% to $7,803 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 ↗
  2. ReportedHIV sales grew 12% to $5,693 million on "higher average realized price and demand".
    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. ReportedDescovy rose 48% to $967 million and Yeztugo reached $232 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 ↗
  4. ReportedLiver Disease grew 10% to $877 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 ↗
  5. ReportedVeklury fell 81% to $23 million on "lower rates of COVID-19-related hospitalizations".
    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 ↗
  6. ReportedCell therapy fell 14% to $417 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 ↗
  7. ReportedTrodelvy grew 26% to $457 million, after a new first-line breast cancer approval.
    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. ReportedAcquired IPR&D was $11,183 million in the quarter, and an IPR&D impairment of $1,750 million wrote off the rest of Trodelvy's lung-cancer asset.
    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 - income statement, EPS, cash flow, balance sheet and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  9. ReportedAcquired IPR&D was $11,183 million in the quarter, and an IPR&D impairment of $1,750 million wrote off the rest of Trodelvy's lung-cancer asset.
    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 - income statement, EPS, cash flow, balance sheet and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  10. ReportedAcquired IPR&D was $11,183 million in the quarter, and an IPR&D impairment of $1,750 million wrote off the rest of Trodelvy's lung-cancer asset.
    Gilead Sciences Form 10-Q for the quarter ended 30 June 2026 - acquired IPR&D for Arcellx, Tubulis and Ouro, the $1.75 billion Trodelvy impairment, debt, receivables and the December 2025 agreement with the US administration. — Q2 2026 · publ. 6 August 2026 · source ↗
  11. ReportedThe result was an operating loss of $10,394 million, a net loss of $10,496 million and diluted EPS of minus $8.45.
    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 - income statement, EPS, cash flow, balance sheet and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  12. ReportedGilead put the acquired IPR&D and tax effect at $9.08 a share.
    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 - income statement, EPS, cash flow, balance sheet and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  13. ReportedFree cash flow was $3,432 million, against $720 million a year earlier.
    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 - income statement, EPS, cash flow, balance sheet and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  14. ReportedProduct gross margin rose to 79.3%.
    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 - income statement, EPS, cash flow, balance sheet and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  15. ReportedGilead paid $1.0 billion of dividends and repurchased $355 million of stock.
    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 - income statement, EPS, cash flow, balance sheet and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  16. ReportedProduct sales for 2026 were raised to $30.1-30.4 billion, while Veklury was cut to about $300 million and GAAP EPS guided to a loss of $3.40 to $3.75.
    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 - income statement, EPS, cash flow, balance sheet and 2026 guidance. — Q2 2026 · publ. 4 August 2026 · source ↗
  17. ReportedRevenue rose 4% to $7.0 billion and diluted EPS was $1.61, before the Arcellx, Tubulis and Ouro charges arrived in the second.
    Gilead Sciences first-quarter 2026 results release, Form 8-K exhibit 99.1 - revenue, EPS and guidance. — Q1 2026 · publ. 7 May 2026 · source ↗
  18. ReportedNon-GAAP R&D in the second quarter was $1.4 billion against $1.5 billion a year earlier, on lower oncology clinical study activity: the money spent on research shifted from running trials to buying programmes.
    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 ↗
Sources
Generated October 4, 2026