실적분석 2026년 8월 4일

Gilead Sciences ($GILD) Q2 2026 Earnings Analysis — Revenue and Adjusted EPS Loss Both Beat Expectations; Base Business Guidance Raised, but Shares Edge Lower After Hours

Earnings Scorecard

Revenue: $7.803 billion (+10% YoY, consensus $7.395 billion) ✅ Beat

EPS: Adjusted EPS loss of $6.75 (consensus EPS loss of $7.25) ✅ Beat · GAAP EPS loss of $8.45

Guidance: Raised — 2026 product revenue (ex-Veklury) lifted to $29.8–$30.1 billion; adjusted EPS loss guidance improved to $(0.65)–$(0.30) (prior: $(1.05)–$(0.65))

Stock reaction: After-hours -1.00% ($133.9) — as of 08:56 KST, August 5

The Positives

HIV portfolio: Q2 revenue of $5.7 billion, up 12% YoY

Core product growth: Biktarvy $3.8 billion (+7%), Descovy $967 million (+48%), Trodelvy $457 million (+26%)

Base business guidance raised: Both the high and low ends of the full-year product revenue (ex-Veklury) outlook lifted

Gilead's core engine remains its HIV treatment and prevention franchise. Q2 HIV product revenue rose 12% to $5.7 billion, with flagship Biktarvy growing 7% on higher average selling prices and expanded demand. Pre-exposure prophylaxis (PrEP) product Descovy surged 48%, and Yeztugo (lenacapavir) is quickly establishing a foothold with $232 million in sales.

In oncology, Trodelvy posted 26% growth on rising demand, reaching $457 million, while the liver disease portfolio climbed 10% on continued Livdelzi strength. Reflecting this momentum, the company raised its 2026 product revenue (ex-COVID-19 treatment Veklury) guidance to $29.8–$30.1 billion and improved its full-year adjusted EPS loss outlook versus prior guidance.

The Negatives

Major acquisition one-time charge: ~$11.2 billion in acquired in-process R&D drove a Q2 net loss of approximately $10.5 billion

Cell therapy and Veklury weakness: Cell therapy revenue down 14%, Veklury plunged 81% ($23 million)

Sharp cash decline: Cash and short-term investments fell to $3.2 billion from $10.6 billion at year-end

On a GAAP basis, Q2 diluted EPS loss was $8.45, and even on an adjusted basis the company posted a $6.75 loss. In-process R&D (IPR&D) charges tied to the acquisitions of Acellex, Tubulis, and Ouro Medicine were reflected at roughly $9.08 per share — a sizable item that drove the income statement deep into the red independent of underlying business growth. Net loss on a total basis was approximately $10.5 billion for the quarter.

Cell therapy (Yescarta and Tecartus) declined 14% on heightened competition, while COVID-19-related Veklury fell 81% as hospitalizations dropped. Acquisitions, dividends, and share repurchases reduced cash and equivalents from $10.6 billion at year-end to $3.2 billion as of the end of June, and full-year Veklury guidance was cut from $600 million to $300 million. Full-year GAAP EPS loss guidance also widened versus prior guidance to reflect the acquisition charges.

What Management Said

CEO Daniel O'Day characterized the quarter as a strong one, noting that base business revenue grew 10% YoY led by HIV treatment and prevention, Trodelvy, and Livdelzi. He pointed to 12% HIV revenue growth and the expansion of the prevention business as the basis for the 2026 base business revenue guidance raise, and highlighted clinical progress including three FDA approvals and three positive Phase 3 readouts. He expressed optimism around potential additional launches in oncology and HIV in the second half, with the overall tone placing both underlying growth and pipeline momentum front and center. That said, the guidance figures themselves embed a large acquired in-process R&D charge (~$9.08 per share) into the full-year loss outlook, so investors need to read the headline income statement and the underlying business narrative side by side.

Market Reaction and What to Watch Next

The stock traded strong intraday ahead of the print, then pulled back modestly after the close. Revenue and adjusted EPS loss beat consensus and base business guidance was raised, but a near-$9 per-share acquisition-related one-time charge, a sizable GAAP loss, a drop in cash, and cell therapy weakness all hit the tape at once — drawing in profit-taking, in our view. The underlying business looks solid, but the "growth story" and the "acquisition cost / cash burn" narratives are tugging in opposite directions, leaving the stock unable to break decisively in either direction.

Whether HIV prevention and treatment momentum carries into Q3, and tracking the regulatory review of the oral once-weekly lenacapavir (Yeztugo) formulation.

Following Trodelvy's first-line approval, watching for actual prescription and revenue acceleration, and any easing of cell therapy competitive pressure.

Monitoring operating cash flow recovery after the major acquisition and the path to delivering the full-year adjusted loss guidance.