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Call sheet · Q2'26

Gilead Sciences (GILD)

Q2'26 earnings call · held August 4, 2026 · compared with the Q1'26 call · management-credibility review
10/12
Disclosure score
2 medium, 1 low flags
Financial quality
Bottom line
HIV sales growth guidance rose to 9%-10%, while treatment-market access and product mix remain useful follow-ups. Keep the earnings measures separate: GAAP EPS is -$8.45 in the release; non-GAAP EPS is -$6.75, and the further adjusted illustration is $2.27. Assess acquisition returns alongside that operating illustration. The oral PrEP filing adds a potential future option, but approval, incremental demand and substitution remain to be demonstrated.

The 30-second version

  • Keep the three earnings measures separate
  • HIV guidance rises despite a treatment-market headwind
  • Weekly oral PrEP is an additional option, with substitution still unproven

What changed this quarter

MetricQ1'26Q2'26Change
Total product sales (incl. Veklury)$6.9B, +5% YoY$7.6B, +8% YoY+300 bps YoY acceleration
Base business sales (ex-Veklury)$6.8B, +8% YoY$7.6B, +10% YoYAccelerating, strongest Q2 in 3 yrs
HIV sales$5.0B, +10% YoY$5.7B, +12% YoY+200 bps
Biktarvy sales$3.4B, +7% YoY$3.8B, +7% YoYFlat growth rate despite ACA drag
Yeztugo sales$166M, +72% sequential$232M, +40% sequentialSequential growth decelerating sharply
PrEP quarterly sales (total)Not yet at $1B; +87% YoYFirst time >$1B, doubled YoYNew absolute milestone hit
Livdelzi sales$133M, more than tripled YoY$167M, more than doubled YoYQuarterly sales increased; more-than comparisons do not establish exact growth multiples
Trodelvy sales$402M, +37% YoY$457M, +26% YoY-1100 bps YoY deceleration
Cell therapy sales$407M, -12% YoY$417M, -14% YoYDecline worsening
Acquired IPR&D expense$107M$11.2B100x jump from 3 closed deals

Accountability tracked

10 new promises made8 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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