Earnings review- Gilead sciences(GILD) Q2 2026
Muffett Investments
Earnings Watch · Stock Analysis Division
Earnings Review
5 August 2026
◆ Healthcare · Biotechnology & Oncology
Gilead Sciences, Inc.
Report Period
Q2 FY2026
Reported: 2026-08-04
Headline
Beat Expectations
✓ Lenacapavir & HIV Surge (+12% YoY)
Key Metrics at a Glance
Total Revenue
$7.80B
+10.0% YoY
HIV Sales
$5.70B
+12.0% YoY
Biktarvy Sales
$3.80B
+7.0% YoY
PrEP Franchise
>$1.00B
+101% YoY Surge
Base Business
$7.60B
+10.0% YoY
Financial Metrics — Detailed Breakdown
| Metric | Q2 FY2026 | Q2 FY2025 | YoY Change | Consensus Est. | vs. Estimate |
|---|---|---|---|---|---|
| Total Revenue | $7.80B | $7.09B | +10.0% | $7.45B | BEAT |
| Base Business Revenue | $7.60B | $6.91B | +10.0% | $7.30B | BEAT |
| Biktarvy Sales (HIV) | $3.80B | $3.55B | +7.0% | $3.72B | BEAT |
| Yeztugo (Lenacapavir PrEP) | $232M | $165M | +40.6% QoQ | $200M | BEAT |
| Oncology & Cell Therapy | $885M | $815M | +8.6% | $860M | BEAT |
| Operating Cash Flow | $2.45B | $2.15B | +13.95% | $2.20B | BEAT |
| Non-GAAP Operating Margin | 44.2% | 42.5% | +170bps | 43.0% | BEAT |
⚡ Management Commentary & Guidance Signals
-
FY2026 HIV Growth Guidance Raised "Raised full-year 2026 HIV sales growth guidance to 9%–10% driven by accelerating adoption of long-acting lenacapavir regimens."
-
Upcoming BIC/LEN FDA PDUFA Approval "PDUFA action target date set for August 27, 2026 for the once-daily fixed-dose combination of bictegravir and lenacapavir."
-
PrEP Franchise Milestone Exceeded "HIV PrEP product sales exceeded $1.0 Billion in a single quarter for the first time (+101% YoY growth), backed by Yeztugo."
📈 Price Reaction & Technical Structure
Pre-Earnings Close
$126.50
2026-08-03
Post-Earnings Price
$135.27
Next trading session
1-Day Move
+6.93%
vs. S&P 500
52-Week Range
$74.50 – $138.00
All-Time High Test
Stock surged +6.93% post-earnings, breaking past $135 resistance into a multi-year Stage 2 uptrend extension.
Our Verdict
Constructive / Target $155.00
Gilead delivered an outstanding Q2 2026 earnings beat, highlighted by 10% YoY total revenue expansion ($7.80B) and a landmark 12% surge in HIV franchise sales ($5.70B). The unprecedented commercial momentum behind twice-yearly Lenacapavir (Yeztugo) in HIV prevention validates Gilead's unassailable competitive moat. We maintain a High Conviction Buy with a price target of $155.00.
- Top-Line Acceleration: Revenue reached $7.80B (+10% YoY), easily surpassing Wall Street estimates ($7.45B).
- Lenacapavir Disruption: PrEP business eclipsed $1.0B in a single quarter (+101% YoY), solidifying long-acting dominance.
- Guidance Hike: Management raised full-year HIV sales growth targets to 9%–10%.
- Imminent Catalyst: FDA PDUFA date for once-daily BIC/LEN combination arrives August 27, 2026.
- Technical Momentum: Stock expanded +6.93% post-earnings to $135.27, targeting $155.00 (+14.6% upside).
