Key Takeaways for Gilead Sciences Stock as of August 2026
- Base Business Reacceleration: Gilead’s Q2 2026 revenue hit $7.80B, beating the $7.40B estimate by 5.41% and climbing 10.18% YoY, with base business sales up 10% YoY marking the company’s strongest second-quarter growth in three years.
- Guidance Raise: Management lifted full-year HIV sales growth guidance to 9-10% YoY from a prior 8%, and now expects full-year base business sales of $29.8B to $30.1B, up $350M at the midpoint from May guidance.
- Acquisition-Driven EPS Collapse: Adjusted EPS came in at negative $6.75, a 435.82% YoY swing from positive $2.01, driven by $11.2B in acquired IPR&D tied to the Arcellx, Tubulis, and Ouro Medicines deals.
- PrEP Breakout: Quarterly PrEP sales doubled YoY and topped $1 billion for the first time, with Yeztugo becoming the leading long-acting PrEP option and pushing the franchise to a $4 billion annual run rate.
Gilead’s revenue beat masks a GAAP EPS swing of over 600% YoY. See how the underlying base business actually performed on TIKR for free →.
Three Acquisitions Buried the EPS Print, But Gilead Stock’s Base Business Never Looked Stronger
Gilead Sciences (GILD) posted second-quarter 2026 revenue of $7.80 billion, up 10.18% year over year and 5.41% ahead of the $7.40 billion Street estimate, capping what management called its strongest second-quarter growth in three years. Base business sales, which exclude the COVID antiviral Veklury, climbed 10% year over year to $7.6 billion. That top-line strength came from three places at once: HIV sales rose 12%, Trodelvy sales rose 26%, and Livdelzi sales more than doubled.
Beneath that revenue beat sits a headline that looks like a disaster. Adjusted EPS landed at negative $6.75, a 435.82% year-over-year reversal from positive $2.01 in the same quarter last year, and GAAP EPS fell to negative $8.45, missing the negative $7.76 estimate by 8.89%. Net income swung to a loss of $8.39 billion. None of it traces to the operating business. Gilead closed its acquisitions of Arcellx, Tubulis, and Ouro Medicines during the first half of 2026, and the resulting $11.2 billion in acquired in-process R&D expense ran straight through the non-GAAP P&L. Strip that charge out, and CFO Andrew Dickinson said illustrative EPS actually grew approximately 13% year over year, ahead of the 8% product sales growth the quarter delivered.
That distinction matters because the operating engine kept running underneath the accounting noise. HIV sales of $5.7 billion grew 12% year over year, with the prevention franchise crossing $1 billion in quarterly sales for the first time and doubling year over year. Yeztugo, the twice-yearly injectable PrEP option, has become the market leader in the PrEP switch category after just four full quarters on the market, and CEO Daniel O’Day pointed to persistency as the number underpinning that lead: “More than 70% of users so far have returned for reinjection at 6 months and extended their protection against HIV to a full year.” That retention rate is now driving management’s confidence to raise full-year HIV growth guidance to 9% to 10% from 8%.
Trodelvy, the antibody-drug conjugate now approved in first-line metastatic triple-negative breast cancer, grew sales 26% year over year to $457 million, while Livdelzi’s primary biliary cholangitis franchise more than doubled to $167 million. Cell therapy was the one soft spot, down 14% year over year on competitive pressure, though management still expects a fourth-quarter anito-cel launch in multiple myeloma. The picture that emerges is a base business accelerating into raised guidance, temporarily obscured by a one-time acquisition charge that inflated the reported loss.
Gilead’s HIV guidance just moved from 8% to 9-10% growth on the back of a $4 billion PrEP franchise. Pull the full breakdown on TIKR for free →.
TIKR Values Gilead Stock at $223, Pricing In 65% Upside Through 2030
TIKR’s mid-case model values Gilead Sciences at $222.95 by December 2030, implying a 65% total return from the current price of $135, or 12% annualized over 4.4 years. That target sits against a stock that closed the day of earnings at $135, up 3% following the print.
A 12% annualized return puts Gilead stock in territory that most large-cap pharmaceutical names rarely offer, especially from a company already generating an approximately 49% non-GAAP operating margin once the acquisition charges are excluded. The model prices in continued execution rather than a turnaround story, which is a meaningfully different bet than buying a name still working through operational repair.
The base business dynamics from the quarter support that pricing. HIV growth guidance moving to 9% to 10%, a PrEP franchise compounding past a $4 billion run rate, and Trodelvy’s 26% growth in oncology all point toward the kind of durable, multi-segment revenue growth that a 64.8% total return target requires. Gilead stock’s path to $222.95 runs through execution on catalysts already in motion, including the pending BIC/LEN and anito-cel launches management flagged for the back half of 2026.
TIKR’s model puts Gilead stock at $222.95, a 64.8% total return target built on HIV and oncology momentum already showing up in the numbers. Check the full model on TIKR for free →.
Should You Invest in Gilead Sciences?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
