revenue
29800–30100 $million
FY 2026
official guidance
GILEAD SCIENCES, INC.
Last · —$153.54+5.62 (+3.80%)live · yahoo · 1s ago
Market cap$197.13B—
P/E · TTM20.4fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $29.7B |
|---|---|
| Operating income | $10.4B |
| Net income | $9.2B |
| Free cash flow | $10.2B |
| Operating margin | 34.9% |
| Net margin | 31.0% |
| Return on equity | 39.2% |
| Period | TTM 2026-03-31 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong operating momentum is not yet enough to offset acquisition charges and competitive Cell Therapy pressure.
Hold: Gilead’s underlying business is accelerating, with Q2 base sales up 10% to $7.6 billion, HIV sales up 12% to $5.7 billion, and full-year base-sales guidance raised to $29.8-$30.1 billion.
However, the investment case is offset by mid-teens expected Cell Therapy declines, $11.5 billion of acquired IPR&D, and full-year non-GAAP EPS guidance of negative $0.65 to negative $0.30; the core business is strong, but acquisition integration and pipeline execution still need to prove shareholder value.
Themes
- Hiv Growth
- Prep
- Yeztugo
- Biktarvy
- Trodelvy
- Cell Therapy Competition
Near term
FDA decision on BIC/LEN is expected by August 27, providing a near-term HIV treatment catalyst.
Anito-cel’s December 23 PDUFA date could materially affect the Cell Therapy outlook, but launch execution and competitive uptake remain unproven.
Yeztugo is targeting approximately $1 billion of 2026 sales after Q2 sales of $232 million, while quarterly PrEP sales exceeded $1 billion for the first time.
Trodelvy’s first-line metastatic TNBC launch and the upcoming ASCENT-GYN Phase 3 update are important tests of oncology growth.
Longer term
HIV remains the clearest structural growth engine: PrEP is running at a $4 billion annualized rate, while weekly, twice-yearly, and yearly options could extend Gilead’s leadership.
Livdelzi’s PBC expansion and Hepcludex’s HDV launch add growth, but Hepcludex is expected to be only a modest contributor and HCV remains a drag.
Arcellx, Tubulis, and Ouro acquisitions broaden the cell therapy, ADC, and bispecific pipeline, but value creation depends on successful integration and clinical validation.
Cell Therapy competition is a material moat risk: Q2 sales fell 14% year over year and management now expects a mid-teens full-year decline.
Trodelvy and the Tubulis ADC platform could diversify oncology growth, but GS-8824 remains early-stage despite encouraging Phase 1 data.
Red flags
Management’s headline non-GAAP EPS is negative because of $11.5 billion of acquired IPR&D and related tax effects; the $8.50-$8.85 illustrative EPS figure excludes approximately $9.15 per share of acquisition-related costs and financing expenses.
Cell Therapy is still contracting despite anito-cel launch preparation, indicating that near-term competitive pressure is not resolved.
The acquisitions materially increase execution and integration risk, while management does not expect another sizeable M&A transaction this year.
Biktarvy demand faced lower-than-expected effects from Affordable Care Act changes, and HIV treatment market growth temporarily slowed in Q2.
No analyst Q&A was provided, so there is limited evidence on valuation, acquisition returns, pricing sustainability, or competitive responses.
Forward outlook
revenue growth
6–7 pct
FY 2026
official guidance
revenue growth
9–10 pct
FY 2026
official guidance
revenue
1000 $million
FY 2026
official guidance
revenue
30100–30400 $million
FY 2026
official guidance
revenue
300 $million
FY 2026
official guidance
eps diluted
-0.65–-0.3 $per share
FY 2026
official guidance
adjusted eps
8.5–8.85 $per share
FY 2026
management framework
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-24
- Hiv Growth
- Yeztugo Launch
- Biktarvy Exclusivity
- Oncology Pipeline
- Clinical Hold
- Car T Manufacturing
- Customer Concentration
Red flags
- Approximately 60% of accounts receivable relates to three wholesalers and their specialty distributor affiliates, creating meaningful counterparty and channel concentration.
- The HIV treatment trials for GS-1720 and/or GS-4182 were placed on clinical hold; these candidates are not approved anywhere globally.
- Trodelvy’s Phase 3 ASCENT-07 study failed its primary progression-free-survival endpoint in first-line HR+/HER2- metastatic breast cancer, limiting a major oncology expansion opportunity.
- Gilead plans a $32 billion U.S. investment through 2030, increasing execution and capital-allocation exposure even as 2025 revenue growth was only 2%.
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
$2.19
Est. revenue
7.8B