Gilead Q2 FY2026: revenue up 10.0% to $7.80 billion, but a $(8.45) loss per share
Gilead's base business grew 10.0% to $7.80 billion, but $11.18 billion of acquired IPR&D plus a $1.75 billion impairment turned the quarter into a $10.50 billion net loss. Read that as an accounting event about buying three companies, not a demand problem: HIV sales rose 12.0% and management raised its base-business sales forecast. The catch is a balance sheet that shed $7.43 billion of cash in six months.
1 · Expected vs. Actual
Free preview belowGAAP diluted loss per share was $(8.45) versus $1.56 of earnings a year earlier, and the non-GAAP loss was $(6.75) versus $2.01 of earnings. Management attributed $(9.08) per share of that swing to acquired IPR&D and related taxes. Measured against the $(7.38) loss per share in our consensus data, the non-GAAP result was better than expected and the GAAP result was worse.
Total revenue rose 10.0% to $7.80 billion, with product sales up 8.0% to $7.63 billion and product sales excluding Veklury up 10.0% to $7.60 billion. HIV carried the quarter at $5.69 billion, up 12.0%, while Trodelvy rose 26.0% to $457 million and Livdelzi more than doubled to $167 million. Veklury fell 81.0% to $23 million and Cell Therapy dropped 14.0% to $417 million.
Full-year 2026 product sales guidance was nudged to $30.10-$30.40 billion, while product sales excluding Veklury was raised to $29.80-$30.10 billion from $29.40-$29.80 billion. Veklury guidance was cut to roughly $300 million from roughly $600 million. Loss per share guidance worsened on GAAP, $(3.75)-$(3.40) from $(3.25)-$(2.85), but improved on non-GAAP, $(0.65)-$(0.30) from $(1.05)-$(0.65).
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-18
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