Gilead Sciences Announces Second Quarter 2026 Financial Results
FOSTER CITY, Calif.--( BUSINESS WIRE)--Gilead Sciences, Inc. (Nasdaq: GILD) announced today its results of operations for the second quarter 2026.
“Gilead delivered a very strong second quarter, with 10% year-over-year revenue growth in our base business driven by our HIV portfolio, Trodelvy and Livdelzi. HIV sales grew 12%, reflecting continued strength in treatment and the rapid expansion of our PrEP business, supporting an increase in our base business revenue expectations for 2026,” said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. “We also made significant clinical progress with three FDA approvals and three positive Phase 3 updates. We look forward to delivering on our many opportunities in the second half of the year including another two potential launches in oncology and HIV.”
Second Quarter 2026 Financial Results
Second Quarter 2026 Product Sales
Total second quarter 2026 product sales increased 8% to $7.6 billion compared to the same period in 2025. Total second quarter 2026 product sales excluding Veklury increased 10% to $7.6 billion compared to the same period in 2025, primarily due to higher sales of HIV products, Trodelvy and Livdelzi, partially offset by lower sales of Cell Therapy and HCV products.
HIV product sales increased 12% to $5.7 billion in the second quarter 2026 compared to the same period in 2025, primarily driven by higher average realized price and demand.
The Liver Disease portfolio sales increased 10% to $877 million in the second quarter 2026 compared to the same period in 2025, primarily reflecting higher demand for Livdelzi, as well as chronic hepatitis B virus (“HBV”) products and Hepcludex® (bulevirtide-gmod), partially offset by lower sales for HCV products.
Veklury sales decreased 81% to $23 million in the second quarter 2026 compared to the same period in 2025, primarily driven by lower rates of COVID-19-related hospitalizations.
Cell Therapy product sales decreased 14% to $417 million in the second quarter 2026 compared to the same period in 2025, reflecting ongoing competitive headwinds.
Trodelvy® (sacituzumab govitecan-hziy) sales increased 26% to $457 million in the second quarter 2026 compared to the same period in 2025, primarily driven by higher demand.
Second Quarter 2026 Product Gross Margin, Operating Expenses and Effective Tax Rate
Guidance and Outlook
For the full year 2026, Gilead now expects:
(in millions, except per share amounts)
August 4, 2026 Guidance
Comparison to May 7, 2026 Guidance
Low End
High End
Product sales
$ 30,100
$ 30,400
Previously $30,000 to $30,400
Product sales excluding Veklury
$ 29,800
$ 30,100
Previously $29,400 to $29,800
Veklury
~ $300
Previously ~ $600
Diluted loss per share
$ (3.75)
$ (3.40)
Previously $(3.25) to $(2.85)
Non-GAAP diluted loss per share
$ (0.65)
$ (0.30)
Previously $(1.05) to $(0.65)
Our full year 2026 GAAP and non-GAAP diluted loss per share guidance includes the impact of approximately $9.08 due to acquired IPR&D charges of $11.1 billion related to the Arcellx, Tubulis and Ouro Medicines transactions, net of the impact of the Lakefront collaboration and related taxes.
Additional information and a reconciliation between GAAP and non-GAAP financial information for the 2026 guidance is provided in the accompanying tables. The financial guidance is subject to a number of risks and uncertainties. See the Forward-Looking Statements section below.
Key Updates Since Our Last Quarterly Release
Virology
Oncology
Inflammation
Corporate
Certain amounts and percentages in this press release may not sum or recalculate due to rounding.
Conference Call
At 1:30 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead’s results. A live webcast will be available on http://investors.gilead.com and will be archived on www.gilead.com for one year.
Non-GAAP Financial Information
The information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead’s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead’s operating results as reported under GAAP. Non-GAAP financial information generally excludes acquisition-related expenses including amortization of acquired intangible assets, restructuring charges and other items that are considered unusual or not representative of underlying trends of Gilead’s business, fair value adjustments of equity securities, the related tax charges or benefits associated with such exclusions and other discrete tax charges or benefits not representative of underlying trends such as changes in tax laws, transfers of intangible assets between certain legal entities, and effects of legal entity restructurings. Although Gilead consistently excludes the amortization of acquired intangible assets from the non-GAAP financial information, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisitions and contribute to ongoing revenue generation. Non-GAAP measures may be defined and calculated differently by other companies in the same industry. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the accompanying tables.
About Gilead Sciences
Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer and inflammation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, California.
Forward-Looking Statements
Statements included in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Gilead cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include those relating to: Gilead’s ability to achieve its full year 2026 financial guidance, including as a result of the uncertainty of the amount and timing of Veklury revenues, the impact from Medicare Part D pricing reform in the Inflation Reduction Act, the expiration of subsidies related to the Affordable Care Act, our most-favored-nation pricing agreement with the U.S. government, changes in U.S. regulatory or legislative policies, and changes in U.S. trade policies, including tariffs; Gilead’s ability to make progress on any of its long-term ambitions or priorities laid out in its corporate strategy; Gilead’s ability to accelerate or sustain revenues for its virology, oncology, inflammation and other programs; Gilead’s ability to realize the potential benefits of acquisitions, collaborations or licensing arrangements, including the arrangements with Arcellx, Immunomedics, Lakefront, Merck, Ouro Medicines, The World Health Organization and Tubulis; the risk that Gilead’s U.S. manufacturing and R&D investment may not achieve their intended benefits; patent protection and estimated loss of exclusivity for our products and product candidates; Gilead’s ability to initiate, progress or complete clinical trials within currently anticipated timeframes or at all, the possibility of unfavorable results from ongoing and additional clinical trials, including those involving Livdelzi, Trodelvy, anito-cel, KITE-753 and lenacapavir (such as ASCENT-03, ASCENT-04, ASSURE, IDEAL, ISLEND-1 and ISLEND-2), and the risk that safety and efficacy data from clinical trials may not warrant further development of Gilead’s product candidates or the product candidates of Gilead’s strategic partners; Gilead’s ability to resolve the issues cited by the FDA in pending clinical holds to the satisfaction of the FDA and the risk that FDA may not remove such clinical holds, in whole or in part, in a timely manner or at all; Gilead’s ability to submit new drug applications for new product candidates or expanded indications in the currently anticipated timelines; Gilead’s ability to receive or maintain regulatory approvals in a timely manner or at all, and the risk that any such approvals, if granted, may be subject to significant limitations on use and may be subject to withdrawal or other adverse actions by the applicable regulatory authority, including those involving Hepcludex, Trodelvy and once-weekly oral Yeztugo; Gilead’s ability to successfully commercialize its products; the risk of potential disruptions to the manufacturing and supply chain of Gilead’s products; pricing and reimbursement pressures from government agencies and other third parties, including required rebates and other discounts; a larger than anticipated shift in payer mix to more highly discounted payer segments; market share and price erosion caused by the introduction of generic versions of Gilead products; the risk that physicians and patients may not see advantages of Gilead’s products over other therapies, including Hepcludex and Trodelvy; Gilead’s ability to effectively manage the access strategy relating to lenacapavir for HIV PrEP, subject to necessary regulatory approvals; and other risks identified from time to time in Gilead’s reports filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, Gilead makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Gilead bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. There may be other factors of which Gilead is not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ significantly from these estimates. Further, results for the quarter ended June 30, 2026 are not necessarily indicative of operating results for any future periods.
Gilead directs readers to its press releases, annual reports on Form 10-K, quarterly reports on Form 10-Q and other subsequent disclosure documents filed with the SEC. Gilead claims the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements.
The reader is cautioned that forward-looking statements are not guarantees of future performance and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead and Gilead assumes no obligation to update or supplement any such forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statements.
Additional information is available on our Investor Relations website, https://investors.gilead.com. Among other things, an estimate of Acquired IPR&D expenses is expected to be made available on the Quarterly Results page within the first ten (10) days after the end of each quarter.
Gilead owns or has rights to various trademarks, copyrights and trade names used in its business, including the following: GILEAD®, GILEAD SCIENCES®, KITE®, AMBISOME®, ATRIPLA®, BIKTARVY®, CAYSTON®, COMPLERA®, DESCOVY®, DESCOVY FOR PREP®, EMTRIVA®, EPCLUSA®, EVIPLERA®, GENVOYA®, HARVONI®, HEPCLUDEX®, JYSELECA®, LIVDELZI®/LYVDELZI®, LETAIRIS®, ODEFSEY®, SOVALDI®, STRIBILD®, SUNLENCA®, TECARTUS®, TRODELVY®, TRUVADA®, TRUVADA FOR PREP®, TYBOST®, VEKLURY®, VEMLIDY®, VIREAD®, VOSEVI®, YESCARTA®, YEZTUGO®/YEYTUO® and ZYDELIG®. Other trademarks and trade names are the property of their respective owners.
For more information on Gilead Sciences, Inc., please visit www.gilead.com or call the Gilead Public Affairs Department at 1-800-GILEAD-5 (1-800-445-3235).
GILEAD SCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except per share amounts)
2026
2025
2026
2025
Revenues:
Product sales
$
7,627
$
7,054
$
14,574
$
13,668
Royalty, contract and other revenues
176
27
189
81
Total revenues
7,803
7,082
14,763
13,749
Costs and expenses:
Cost of goods sold
1,579
1,501
3,023
3,041
Research and development expenses
1,764
1,491
3,136
2,870
Acquired in-process research and development expenses
11,183
61
11,290
315
In-process research and development impairments
1,750
190
1,750
190
Selling, general and administrative expenses
1,921
1,365
3,372
2,623
Total costs and expenses
18,197
4,608
22,571
9,038
Operating (loss) income
(10,394
)
2,474
(7,808
)
4,711
Interest expense
247
254
487
513
Other (income) expense, net
(387
)
(208
)
(621
)
120
(Loss) income before income taxes
(10,254
)
2,429
(7,674
)
4,077
Income tax expense
242
468
801
802
Net (loss) income
$
(10,496
)
$
1,960
$
(8,475
)
$
3,275
Basic (loss) earnings per share
$
(8.45
)
$
1.57
$
(6.82
)
$
2.63
Diluted (loss) earnings per share
$
(8.45
)
$
1.56
$
(6.82
)
$
2.61
Shares used in basic (loss) earnings per share calculation
1,243
1,245
1,243
1,246
Shares used in diluted (loss) earnings per share calculation
1,243
1,255
1,243
1,257
Supplemental Information:
Cash dividends declared per share
$
0.82
$
0.79
$
1.64
$
1.58
Product gross margin
79.3
%
78.7
%
79.3
%
77.7
%
Research and development expenses as a % of revenues
22.6
%
21.1
%
21.2
%
20.9
%
Selling, general and administrative expenses as a % of revenues
24.6
%
19.3
%
22.8
%
19.1
%
Operating margin
(133.2
)%
34.9
%
(52.9
)%
34.3
%
Effective tax rate
(2.4
)%
19.3
%
(10.4
)%
19.7
%
GILEAD SCIENCES, INC.
TOTAL REVENUE SUMMARY
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except percentages)
2026
2025
Change
2026
2025
Change
Product sales:
HIV
$
5,693
$
5,088
12
%
$
10,723
$
9,675
11
%
Liver Disease
877
795
10
%
1,644
1,553
6
%
Oncology
873
849
3
%
1,683
1,606
5
%
Other
161
202
(20
)%
357
410
(13
)%
Total product sales excluding Veklury
7,604
6,934
10
%
14,406
13,245
9
%
Veklury
23
121
(81
)%
167
423
(60
)%
Total product sales
7,627
7,054
8
%
14,574
13,668
7
%
Royalty, contract and other revenues
176
27
NM
189
81
NM
Total revenues
$
7,803
$
7,082
10
$
14,763
$
13,749
7
____________________
NM - Not Meaningful
GILEAD SCIENCES, INC.
NON-GAAP FINANCIAL INFORMATION (1)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except percentages)
2026
2025
Change
2026
2025
Change
Non-GAAP:
Cost of goods sold
$
999
$
922
8
%
$
1,868
$
1,883
(1
)%
Research and development expenses
$
1,429
$
1,450
(1
)%
$
2,783
$
2,789
—
%
Acquired IPR&D expenses
$
11,183
$
61
NM
$
11,290
$
315
NM
Selling, general and administrative expenses
$
1,521
$
1,358
12
%
$
2,884
$
2,580
12
%
Other (income) expense, net
$
(44
)
$
(66
)
(33
)%
$
(137
)
$
(164
)
(17
)%
Diluted (loss) earnings per share
$
(6.75
)
$
2.01
NM
$
(4.70
)
$
3.82
NM
Shares used in non-GAAP diluted (loss) earnings per share calculation
1,243
1,255
(1
)%
1,243
1,257
(1
)%
Product gross margin
86.9
%
86.9
%
-3 bps
87.2
%
86.2
%
96 bps
Research and development expenses as a % of revenues
18.3
%
20.5
%
-217 bps
18.9
%
20.3
%
-143 bps
Selling, general and administrative expenses as a % of revenues
19.5
%
19.2
%
32 bps
19.5
%
18.8
%
77 bps
Operating margin
(93.9
)%
46.5
%
NM
(27.5
)%
45.0
%
NM
Effective tax rate
(11.4
)%
18.8
%
NM
(32.4
)%
17.6
%
NM
NM - Not Meaningful
(1)
Refer to Non-GAAP Financial Information section above for further disclosures on non-GAAP financial measures. A reconciliation between GAAP and non-GAAP financial information is provided in the tables below.
GILEAD SCIENCES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except percentages and per share amounts)
2026
2025
2026
2025
Cost of goods sold reconciliation:
GAAP cost of goods sold
$
1,579
$
1,501
$
3,023
$
3,041
Acquisition-related – amortization (1)
(579
)
(579
)
(1,155
)
(1,158
)
Restructuring
—
—
(1
)
—
Non-GAAP cost of goods sold
$
999
$
922
$
1,868
$
1,883
Product gross margin reconciliation:
GAAP product gross margin
79.3
%
78.7
%
79.3
%
77.7
%
Acquisition-related – amortization (1)
7.6
%
8.2
%
7.9
%
8.5
%
Restructuring
—
%
—
%
—
%
—
%
Non-GAAP product gross margin
86.9
%
86.9
%
87.2
%
86.2
%
Research and development expenses reconciliation:
GAAP research and development expenses
$
1,764
$
1,491
$
3,136
$
2,870
Acquisition-related – other costs (2)
(333
)
(35
)
(336
)
(37
)
Restructuring
(2
)
(6
)
(17
)
(44
)
Non-GAAP research and development expenses
$
1,429
$
1,450
$
2,783
$
2,789
IPR&D impairment reconciliation:
GAAP IPR&D impairment
$
1,750
$
190
$
1,750
$
190
IPR&D impairment
(1,750
)
(190
)
(1,750
)
(190
)
Non-GAAP IPR&D impairment
$
—
$
—
$
—
$
—
Selling, general and administrative expenses reconciliation:
GAAP selling, general and administrative expenses
$
1,921
$
1,365
$
3,372
$
2,623
Acquisition-related – other costs (2)
(385
)
—
(385
)
—
Restructuring
(15
)
(7
)
(40
)
(43
)
Other (3)
—
—
(63
)
—
Non-GAAP selling, general and administrative expenses
$
1,521
$
1,358
$
2,884
$
2,580
Operating (loss) income reconciliation:
GAAP operating (loss) income
$
(10,394
)
$
2,474
$
(7,808
)
$
4,711
Acquisition-related – amortization (1)
579
579
1,155
1,158
Acquisition-related – other costs (2)
718
35
721
37
Restructuring
17
13
57
88
IPR&D impairment
1,750
190
1,750
190
Other (3)
—
—
63
—
Non-GAAP operating (loss) income
$
(7,329
)
$
3,290
$
(4,062
)
$
6,183
Operating margin reconciliation:
GAAP operating margin
(133.2
)%
34.9
%
(52.9
)%
34.3
%
Acquisition-related – amortization (1)
7.4
%
8.2
%
7.8
%
8.4
%
Acquisition-related – other costs (2)
9.2
%
0.5
%
4.9
%
0.3
%
Restructuring
0.2
%
0.2
%
0.4
%
0.6
%
IPR&D impairment
22.4
%
2.7
%
11.9
%
1.4
%
Other (3)
—
%
—
%
0.4
%
—
%
Non-GAAP operating margin
(93.9
)%
46.5
%
(27.5
)%
45.0
%
Other (income) expense, net reconciliation:
GAAP other (income) expense, net
$
(387
)
$
(208
)
$
(621
)
$
120
Gain (loss) from equity securities, net
343
142
485
(284
)
Non-GAAP other (income) expense, net
$
(44
)
$
(66
)
$
(137
)
$
(164
)
GILEAD SCIENCES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except percentages and per share amounts)
2026
2025
2026
2025
(Loss) income before income taxes reconciliation:
GAAP (loss) income before income taxes
$
(10,254
)
$
2,429
$
(7,674
)
$
4,077
Acquisition-related – amortization (1)
579
579
1,155
1,158
Acquisition-related – other costs (2)
718
35
721
37
Restructuring
17
13
57
88
IPR&D impairment
1,750
190
1,750
190
(Gain) loss from equity securities, net
(343
)
(142
)
(485
)
284
Other (3)
—
—
63
—
Non-GAAP (loss) income before income taxes
$
(7,531
)
$
3,103
$
(4,412
)
$
5,834
Income tax expense reconciliation:
GAAP income tax expense
$
242
$
468
$
801
$
802
Income tax effect of non-GAAP adjustments:
Acquisition-related – amortization (1)
119
120
236
241
Acquisition-related – other costs (2)
79
—
79
—
Restructuring
3
2
9
15
IPR&D impairment
415
51
415
51
(Gain) loss from equity securities, net
(42
)
(11
)
(108
)
10
Discrete and related tax charges (4)
44
(48
)
(2
)
(90
)
Non-GAAP income tax expense
$
860
$
583
$
1,430
$
1,029
Effective tax rate reconciliation:
GAAP effective tax rate
(2.4
)%
19.3
%
(10.4
)%
19.7
%
Income tax effect of above non-GAAP adjustments and discrete and related tax adjustments (4)
(9.1
)%
(0.5
)%
(22.0
)%
(2.0
)%
Non-GAAP effective tax rate
(11.4
)%
18.8
%
(32.4
)%
17.6
%
Net (loss) income reconciliation:
GAAP net (loss) income
$
(10,496
)
$
1,960
$
(8,475
)
$
3,275
Acquisition-related – amortization (1)
461
459
919
917
Acquisition-related – other costs (2)
640
35
642
37
Restructuring
14
11
48
72
IPR&D impairment
1,335
139
1,335
139
(Gain) loss from equity securities, net
(301
)
(131
)
(377
)
275
Discrete and related tax charges (4)
(44
)
48
2
90
Other (3)
—
—
63
—
Non-GAAP net (loss) income
$
(8,391
)
$
2,521
$
(5,842
)
$
4,806
Diluted (loss) earnings per share reconciliation:
GAAP diluted (loss) earnings per share
$
(8.45
)
$
1.56
$
(6.82
)
$
2.61
Acquisition-related – amortization (1)
0.37
0.37
0.74
0.73
Acquisition-related – other costs (2)
0.51
0.03
0.52
0.03
Restructuring
0.01
0.01
0.04
0.06
IPR&D impairment
1.07
0.11
1.07
0.11
(Gain) loss from equity securities, net
(0.24
)
(0.10
)
(0.30
)
0.22
Discrete and related tax charges (4)
(0.04
)
0.04
—
0.07
Other (3)
—
—
0.05
—
Non-GAAP diluted (loss) earnings per share
$
(6.75
)
$
2.01
$
(4.70
)
$
3.82
GILEAD SCIENCES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION - (Continued)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except percentages and per share amounts)
2026
2025
2026
2025
Non-GAAP adjustment summary:
Cost of goods sold adjustments
$
579
$
579
$
1,156
$
1,158
Research and development expenses adjustments
335
41
352
81
IPR&D impairment adjustments
1,750
190
1,750
190
Selling, general and administrative expenses adjustments
400
7
488
43
Total non-GAAP adjustments to costs and expenses
3,065
817
3,746
1,472
Other (income) expense, net, adjustments
(343
)
(142
)
(485
)
284
Total non-GAAP adjustments before income taxes
2,722
675
3,262
1,757
Income tax effect of non-GAAP adjustments above
(574
)
(162
)
(631
)
(316
)
Discrete and related tax charges (4)
(44
)
48
2
90
Total non-GAAP adjustments to net income
$
2,105
$
560
$
2,633
$
1,530
(1)
Relates to amortization of acquired intangibles.
(2)
Adjustments include integration expenses and contingent consideration fair value adjustments associated with Gilead’s recent acquisitions.
(3)
Adjustments include donations of equity securities to the Gilead Foundation, a California nonprofit organization, during the first quarter of 2026.
(4)
Represents discrete and related deferred tax charges or benefits primarily associated with acquisition-related adjustments and transfers of intangible assets from a foreign subsidiary to Ireland and the United States.
RECONCILIATION OF GAAP TO NON-GAAP 2026 FULL-YEAR GUIDANCE (1)
(unaudited)
(in millions, except percentages and per share amounts)
Provided
February 10, 2026
Updated
May 7, 2026
Updated
August 4, 2026
Projected product gross margin GAAP to non-GAAP reconciliation:
GAAP projected product gross margin
~ 79.0%
~ 79.0%
~ 79.0%
Acquisition-related expenses
~ 8.0%
~ 8.0%
~ 8.0%
Non-GAAP projected product gross margin
~ 87.0%
~ 87.0%
~ 87.0%
Projected operating income (loss) GAAP to non-GAAP reconciliation:
GAAP projected operating income (loss)
$11,400 - $11,900
$(1,000) - $(500)
$(2,250) - $(1,850)
Acquisition-related, IPR&D impairment, restructuring and other expenses
~ 2,400
~ 3,400
~ 5,150
Non-GAAP projected operating income
$13,800 - $14,300
$2,400 - $2,900
$2,900 - $3,300
Projected effective tax rate GAAP to non-GAAP reconciliation: (2)
GAAP projected effective tax rate
~ 21%
~ (150%) - (220%)
~ (80%) - (90%)
Income tax effect of above non-GAAP adjustments and fair value adjustments of equity securities, and discrete and related tax adjustments
(~ 1%)
NM
NM
Non-GAAP projected effective tax rate
~ 20%
~ 190% - 140%
~ 140% - 115%
Projected diluted earnings (loss) per share GAAP to non-GAAP reconciliation:
GAAP projected diluted earnings (loss) per share
$6.75 - $7.15
$(3.25) - $(2.85)
$(3.75) - $(3.40)
Acquisition-related, IPR&D impairment, restructuring and other expenses, fair value adjustments of equity securities and discrete and related tax adjustments
~ 1.70
~ 2.20
~ 3.10
Non-GAAP projected diluted earnings (loss) per share
$8.45 - $8.85
$(1.05) - $(0.65)
$(0.65) - $(0.30)
NM - Not Meaningful
(1)
Our full-year guidance excludes the potential impact of any (i) acquisitions or business development transactions that have not been executed, (ii) future fair value adjustments of equity securities and (iii) discrete tax charges or benefits associated with changes in tax related laws and guidelines that have not been enacted, as Gilead is unable to project such amounts. The non-GAAP full-year guidance includes non-GAAP adjustments to actual current period results as well as adjustments for the known future impact associated with events that have already occurred, such as future amortization of our intangible assets and the future impact of discrete and related deferred tax charges or benefits primarily associated with transfers of intangible assets from a foreign subsidiary to Ireland and the United States.
(2)
The GAAP and non-GAAP projected effective tax rates for the August 4, 2026 update include the impact of Acquired IPR&D expenses related to the acquisitions of Arcellx, Tubulis and Ouro Medicines, which are not deductible for tax purposes. Without these Acquired IPR&D expenses, the GAAP and non-GAAP projected effective tax rate for FY26 would be ~21% and ~20%, respectively.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions)
June 30,
2026
December 31,
2025
Assets
Cash, cash equivalents and marketable debt securities
$
3,179
$
10,605
Accounts receivable, net
5,055
4,913
Inventories (1)
4,298
4,368
Property, plant and equipment, net
5,833
5,606
Intangible assets, net
14,032
16,978
Goodwill
8,314
8,314
Other assets
8,652
8,239
Total assets
$
49,362
$
59,023
Liabilities and Stockholders’ Equity
Current liabilities
$
11,020
$
11,813
Long-term liabilities
26,598
24,592
Stockholders’ equity (2)
11,744
22,618
Total liabilities and stockholders’ equity
$
49,362
$
59,023
(1)
(2)
As of June 30, 2026 and December 31, 2025, there were 1,241 shares of common stock issued and outstanding.
GILEAD SCIENCES, INC.
SELECTED CASH FLOW INFORMATION
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)
2026
2025
2026
2025
Net cash provided by operating activities
$
3,573
$
827
$
6,117
$
2,584
Net cash used in investing activities
(10,347
)
(2,116
)
(8,577
)
(2,531
)
Net cash provided by (used in) financing activities
2,344
(1,566
)
(1,895
)
(4,993
)
Effect of exchange rate changes on cash and cash equivalents
(19
)
73
(30
)
92
Net change in cash and cash equivalents
(4,450
)
(2,782
)
(4,385
)
(4,848
)
Cash and cash equivalents at beginning of period
7,628
7,926
7,564
9,991
Cash and cash equivalents at end of period
$
3,179
$
5,144
$
3,179
$
5,144
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions)
2026
2025
2026
2025
Net cash provided by operating activities
$
3,573
$
827
$
6,117
$
2,584
Purchases of property, plant and equipment
(140
)
(107
)
(257
)
(211
)
Free cash flow (1)
$
3,432
$
720
$
5,859
$
2,373
(1)
Free cash flow is a non-GAAP liquidity measure. Please refer to our disclosures in the Non-GAAP Financial Information section above.
PRODUCT SALES SUMMARY
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Biktarvy
U.S.
2,981
2,799
5,553
5,272
Europe
468
429
905
804
Rest of World
323
302
675
603
3,772
3,530
7,133
6,679
Descovy
U.S.
921
601
1,682
1,139
Europe
23
24
46
45
Rest of World
23
28
46
55
967
653
1,774
1,239
Genvoya
U.S.
236
322
451
627
Europe
37
40
70
79
Rest of World
16
16
32
35
289
377
553
741
Odefsey
U.S.
171
221
324
436
Europe
28
66
117
123
Rest of World
10
11
19
20
239
298
461
579
Symtuza - Revenue share (1)
U.S.
105
88
211
170
Europe
30
33
59
62
Rest of World
3
3
5
6
138
124
275
238
Yeztugo
U.S.
223
15
382
15
Europe
—
—
—
—
Rest of World
9
—
16
—
232
15
397
15
Other HIV (2)
U.S.
23
50
59
101
Europe
24
33
51
63
Rest of World
10
9
19
19
56
92
129
183
Total HIV
U.S.
4,659
4,096
8,663
7,760
Europe
640
624
1,248
1,177
Rest of World
393
368
812
738
5,693
5,088
10,723
9,675
PRODUCT SALES SUMMARY - (Continued)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Livdelzi
U.S.
147
74
261
114
Europe
20
4
39
4
Rest of World
—
—
—
—
167
78
300
118
Sofosbuvir / Velpatasvir (3)
U.S.
142
184
283
351
Europe
81
81
141
161
Rest of World
80
76
162
175
303
342
586
687
Vemlidy
U.S.
124
122
215
222
Europe
13
13
27
24
Rest of World
152
117
284
257
289
252
526
504
Other Liver Disease (4)
U.S.
20
33
35
61
Europe
79
72
157
148
Rest of World
19
19
40
35
118
123
232
244
Total Liver Disease
U.S.
433
413
795
748
Europe
193
170
363
338
Rest of World
251
211
486
467
877
795
1,644
1,553
Veklury
Veklury
U.S.
14
51
126
250
Europe
2
19
17
41
Rest of World
7
50
25
132
23
121
167
423
Oncology
Cell Therapy
Tecartus
U.S.
29
41
59
82
Europe
34
41
71
72
Rest of World
8
9
16
17
70
92
146
171
Yescarta
U.S.
132
162
252
321
Europe
139
154
285
304
Rest of World
75
77
142
154
346
393
679
779
Total Cell Therapy
U.S.
161
203
311
403
Europe
173
196
356
376
Rest of World
83
86
157
171
417
485
824
949
Trodelvy
Trodelvy
U.S.
307
224
560
405
Europe
92
96
187
171
Rest of World
57
44
112
81
457
364
859
657
Total Oncology
U.S.
468
427
871
808
Europe
265
291
543
547
Rest of World
140
131
269
252
873
849
1,683
1,606
GILEAD SCIENCES, INC.
PRODUCT SALES SUMMARY - (Continued)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
AmBisome
U.S.
4
7
11
13
Europe
47
65
106
132
Rest of World
59
56
131
123
110
129
248
268
Other (5)
U.S.
22
44
61
91
Europe
8
8
16
16
Rest of World
21
21
32
35
51
73
109
143
Total Other
U.S.
26
52
72
104
Europe
55
73
122
149
Rest of World
80
77
163
158
161
202
357
410
Total product sales
U.S.
5,601
5,038
10,527
9,669
Europe
1,155
1,178
2,292
2,251
Rest of World
872
838
1,755
1,747
$
7,627
$
7,054
$
14,574
$
13,668
(1)
Represents Gilead’s revenue from cobicistat (“C”), FTC and TAF in Symtuza (darunavir/C/FTC/TAF), a fixed dose combination product commercialized by Janssen Sciences Ireland Unlimited Company.
(2)
Includes Atripla, Complera/Eviplera, Emtriva, Stribild, Sunlenca, Truvada and Tybost.
(3)
Includes Epclusa and the authorized generic version of Epclusa sold by Gilead’s separate subsidiary, Asegua Therapeutics LLC (“Asegua”).
(4)
Includes ledipasvir/sofosbuvir (Harvoni and the authorized generic version of Harvoni sold by Asegua), Hepcludex, Sovaldi, Viread and Vosevi.
(5)
Includes Cayston, Jyseleca, Letairis and Zydelig.