Gilead Sciences, Inc. · GILD · FY2026 Q2 · Calendar Q3 2026

Gilead raises HIV outlook as Yeztugo and oncology drive Q2 growth

Q2 results support a constructive growth thesis for Gilead: HIV, oncology and liver-disease products all contributed, and management raised the HIV outlook. The evidence is strongest near term; longer-term support depends on execution across launches, approvals, pipeline development and acquisitions.

Reported After market closeNASDAQHealthcare $186.93B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $-6.75 Consensus $-7.25
EPS surprise +6.9% Reported versus consensus
Reported revenue $7.80B Consensus $7.40B
Revenue surprise +5.5% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +3.1% Event window
SPY move +1.8% Same window
Abnormal move +1.3% Stock minus SPY
Volume 1.6× Versus trailing sessions
Subsequent drift +10.8% Up to 20 sessions
GILDSPY benchmark

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Why did GILD rise 3.1% after beating EPS estimates in FY2026 Q2?What changed in GILD's guidance and outlook in FY2026 Q2?Give me the bull and bear case for GILD after FY2026 Q2 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, Gilead’s reported analysis shows stronger HIV growth, a higher full-year HIV outlook, FDA approval of Hepcludex, and completed acquisitions of Tubulis, Arcellx and Ouro Medicines. The company also advanced several upcoming HIV, oncology and cell-therapy milestones.

Guidance delta

Full-year HIV sales growth guidance was raised to 9–10%; total product sales guidance increased to $30.1–$30.4 billion, with EPS outlook adjusted.

Key takeaways

  • HIV sales grew 12% year over year and supported a higher full-year growth outlook.
  • Trodelvy sales rose 26% year over year, while Livdelzi sales more than doubled.
  • Hepcludex received FDA accelerated approval for chronic hepatitis delta virus.
  • Tubulis, Arcellx and Ouro Medicines broadened Gilead’s ADC and cell-therapy platforms.

Management priorities

  • Expand the PrEP franchise, including Yeztugo and planned oral regimens.
  • Advance BIC/LEN, anito-cel and other product launches and regulatory filings.
  • Grow Trodelvy through first-line indications and additional oncology studies.
  • Integrate recent acquisitions and develop their ADC and cell-therapy assets.

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Earnings History

Estimate Beat Miss Match
GILD EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $-1.49 Q1 '24 actual $-1.32, beat Q2 '24 estimate $1.61 Q2 '24 actual $2.01, beat Q3 '24 estimate $1.53 Q3 '24 actual $2.02, beat Q2 '25 estimate $1.96 Q2 '25 actual $2.01, beat Q3 '25 estimate $2.13 Q3 '25 actual $2.47, beat Q4 '25 estimate $1.81 Q4 '25 actual $1.86, beat Q1 '26 estimate $1.91 Q1 '26 actual $2.03, beat Q2 '26 estimate $-7.25 Q2 '26 actual $-6.75, beat Q3 '26 estimate $2.12 Q4 '26 estimate $2.25 Q1 '27 estimate $2.30
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Analyst Consensus ?

ConsensusBuy58 ratings
Bullish3967.3%
Neutral1831.0%
Bearish11.7%

Analyst 52W Price Targets

$152.67Current
$54Low
$122.13Average
$180High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
HSBC Buy BuyMaintainSep 10, 2026
RBC Capital Sector Perform Sector PerformMaintainAug 5, 2026
Needham Buy BuyMaintainAug 5, 2026
Cantor Fitzgerald Overweight OverweightMaintainAug 5, 2026
Barclays Equal Weight Equal WeightMaintainJul 29, 2026
Show 53 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $152.67. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
HSBCMorten Herholdt$175$145.65 +14.6%Sep 10, 2026
Truist FinancialAnalyst unavailable$150$132.76 -1.7%Aug 5, 2026
RBC CapitalAnalyst unavailable$123$135.25 -19.4%Aug 5, 2026
BarclaysAnalyst unavailable$145$134.32 -5.0%Jul 29, 2026
Morgan StanleyAnalyst unavailable$165$131.23 +8.1%Jul 27, 2026
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Company context

Snapshot as of publication

Gilead Sciences, Inc. is a global biopharmaceutical enterprise, with operations spanning the United States, Europe, and numerous international markets. Its core mission involves discovering, developing, and commercializing innovative medications to address critical health needs. The company's extensive product portfolio encompasses treatments for a variety of severe conditions. For HIV/AIDS, it supplies key therapies such as Biktarvy, Genvoya, Descovy, Odefsey, Truvada, Complera/Eviplera, Stribild, and Atripla. In response to the 2019 coronavirus pandemic, Gilead provides Veklury, an injectable drug for intravenous administration. Its offerings for liver diseases include Epclusa, Harvoni, Vosevi, Vemlidy, and Viread.…

Historical context

All GILD earnings
-2.0%FY2026 Q1 · Calendar Q2 2026

Healthcare peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
COO The Cooper Companies, Inc. FY2026 Q3 · Calendar Q3 2026 +2.7% -14.7% CooperCompanies beats expectations as inventory reduction weighs on vision revenue
MDT Medtronic plc FY2027 Q1 · Calendar Q3 2026 +4.3% +1.5% Medtronic raises FY27 outlook as growth broadens across platforms
A Agilent Technologies, Inc. FY2026 Q3 · Calendar Q3 2026 +8.7% +1.7% Agilent raises outlook after Q3 beat; Ignite drives margin gains

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-08-05T14:10:00.955124+00:00
  2. FN2 earnings calendar · 2026-09-08T01:23:13.784197+00:00
  3. Polygon adjusted daily market bars · 2026-09-22T21:00:55.525652+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T21:00:55.522973+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-22. For educational purposes only; not investment advice.