Gilead Q2 Revenue Beats, Guidance Raised Despite $11.2B IPR&D Charge
GILD sits 24% above its 52-week low of $108.46.
Summary
Gilead's Q2 2026 revenue of $7.8B beat estimates, and the company raised its full-year guidance despite a GAAP loss from acquisition-related charges. Strong HIV and oncology sales, along with key FDA approvals, highlight operational strength.
Key Events · Earnings and Guidance · GILD
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Q2 Revenue Beats Consensus
Total revenue of $7.8B grew 10% YoY, exceeding the $7.4B consensus. Base business (ex-Veklury) product sales rose 10% to $7.6B, led by HIV (+12%) and Trodelvy (+26%).
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GAAP Loss Driven by $11.2B IPR&D Charge
Diluted GAAP loss per share was $(8.45), including a $(9.08) per share impact from acquired IPR&D expenses related to the Arcellx, Tubulis, and Ouro Medicines acquisitions. Non-GAAP diluted loss per share was $(6.75).
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Full-Year Guidance Raised
Product sales guidance increased to $30.1B-$30.4B (from $30.0B-$30.4B), and non-GAAP diluted loss per share improved to $(0.65)-$(0.30) (from $(1.05)-$(0.65)), reflecting stronger base business trends.
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Cash Position Declines After Acquisition Spending
Cash, cash equivalents, and marketable securities fell to $3.2B from $10.6B at year-end 2025, primarily due to $11.3B in acquisition outflows and $2.8B in debt repayments, partially offset by $4.1B in debt financing proceeds and $6.1B in operating cash flow.
Analysis · GILD · Life Sciences
A strong second quarter saw Gilead deliver $7.8B in revenue, beating consensus by 5.4% on the back of 12% HIV growth. The GAAP loss of $(8.45) per share reflects a massive $11.2B acquired IPR&D charge from recent acquisitions, but the non-GAAP loss of $(6.75) and raised full-year guidance signal underlying business momentum. Cash dropped to $3.2B after $11.3B in acquisition outflows, yet $3.6B in quarterly operating cash flow and a $3B debt issuance provide ample liquidity. Multiple regulatory wins and pipeline progress reinforce the growth narrative, though the EVOKE-03 discontinuation is a setback.
At the time of this filing, GILD was trading at $134.12 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $167.9B. The 52-week trading range was $108.46 to $157.29. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.