Gilead's Q2 revenue rose 10% to $7.8B, driven by HIV products that now account for 75% of sales. Yeztugo shows promise, but oncology lags. Alpha Score 40.
Gilead Sciences reported a 10% revenue increase in the second quarter of 2026, reaching $7.8 billion. The company raised its full-year product sales guidance. HIV products drove the growth, accounting for about three-quarters of product sales. That concentration is the central tension in the investment case.
HIV product sales rose 12% to $5.7 billion. Biktarvy, the lead treatment, brought in $3.8 billion, up 7%. Descovy sales jumped 48% to $967 million. The new twice-yearly prevention drug Yeztugo generated $232 million, up from $15 million a year earlier. Gilead said higher average realized price and demand drove the increase. Early adoption suggests Yeztugo could expand the prevention market rather than cannibalize existing products. It is too early to judge long-term market share.
The liver disease portfolio, including Livdelzi and hepatitis B drugs, grew 10% to $877 million. That segment remains small relative to HIV.
Oncology was a weak spot. Cell-therapy sales fell 14% to $417 million, reflecting competitive pressure. Trodelvy, the cancer drug, performed better but not enough to offset the decline. The company's broader oncology strategy has not yet produced consistent growth.
Gilead recorded a net loss of $11.2 billion for the quarter. The loss came from acquired research and development expenses: $7 billion for the Arcellx acquisition and $3.1 billion for Tubulis, plus $1 billion for Ouro Medicines. These charges are non-cash but show the high price of building a pipeline outside HIV. The acquired assets carry clinical and commercial risk.
According to Insider Monkey's database of 1,022 hedge funds, the number of funds holding Gilead rose to 77 in the first quarter of 2026 from 71 in the fourth quarter of 2025. The increase suggests a modestly more constructive institutional view, though not a decisive shift.
AlphaScala's proprietary model rates GILD at 40 out of 100, a Mixed signal. The score reflects the tension between strong HIV growth and the concentration risk, along with the uncertain payoff from oncology investments.
The number of hedge funds holding Gilead rose to 77 in the first quarter, from 71 in the fourth quarter of 2025, according to Insider Monkey.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.