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Gilead Sciences, Inc.

Q2 FY26Biotechnology

Gilead Sciences, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹136

Market cap₹1.7L Cr

P/E18.2

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

1 of 3 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

The short version

- HIV sales expected to grow 8% year-over-year in 2026, up from prior 6% growth guidance. - Gilead expects full-year 2026 operating income of $2.4 billion to $2.9 billion, factoring in acquisitions and related expenses.

From Gilead Sciences, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

HIV sales expected to grow 8% year-over-year in 2026, up from prior 6% growth guidance.
Yeztugo sales forecasted at approximately $1 billion in 2026, increased from $800 million earlier.
Total 2026 product sales anticipated between $30 billion and $30.4 billion, a $400 million increase.
Base business growth projected at 5%-6% for 2026, reflecting strong commercial momentum.
Antito-cel launch revenue expected to begin in early 2027, targeting a $3.5 billion fourth-line-plus CAR-T market.
Up to 4 additional product launches planned before end of 2026.
Five Phase III trial updates anticipated in 2026, supporting pipeline growth.

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Profitability & Margins

Gilead expects full-year 2026 operating income of $2.4 billion to $2.9 billion, factoring in acquisitions and related expenses.
Excluding upfront payments from acquisitions, operating income is projected between $14 billion and $14.5 billion, an increase of $200 million from prior guidance.
Full-year 2026 non-GAAP loss per share is guided between $1.05 and $0.65 due to acquisition costs; excluding these, non-GAAP diluted EPS is $8.45 to $8.85, consistent with earlier guidance.
The company anticipates manageable incremental expenses in 2026 and 2027 due to acquisitions with room for margin expansion beyond 2027, supported by portfolio growth.

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Capital Expenditure Plans

Capex planned

Gilead has made multiple recent strategic acquisitions: Arcellx (closed), Ouro Medicines and Tubulis (expected to close soon), adding best-in-class CAR-Ts, T cell engagers, antibody-drug conjugates, and novel technologies.
They plan to invest in clinical programs related to these acquisitions, driving a mid-single-digit percentage increase in R&D expenses for 2026.
Upfront IPR&D investments of approximately $11.8 billion are planned for 2026, including upfront payments associated with these acquisitions.
The company will focus on closing and integrating these acquisitions, maintaining strong clinical momentum.
While large M&A deals are less likely in 2026, Gilead remains open to strategic acquisitions if compelling opportunities arise.

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Fundraising & Capital Structure

The company expects incremental financing expenses in 2026 related to recent acquisitions (Arcellx, Ouro Medicines, Tubulis), contributing to about $400 million in incremental expenses, with a portion being financing expenses.
Despite these expenses, the company is effectively offsetting the impact with revenue outperformance and disciplined expense management.
They mention transaction financing expenses amounting to approximately $9.50 per share reflected in the EPS guidance for 2026.
There is no explicit mention of plans for new fundraising through additional debt or equity in the immediate future.

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Order Book & Pipeline

The provided document does not explicitly mention current or expected orderbook or pending orders figures. However, relevant commercial performance and outlook details include: - Strong first-quarter sales of $6.9 billion, up 5% year-over-year. - HIV commercial sales of $5 billion, up 10% year-over-year. - Yeztugo showing strong launch performance with updated $1 billion revenue guidance for 2026. - BIC/LEN anticipated launch in late August 2026 with modest revenues in 2026 and ramp in 2027. - Trodelvy showing 37% year-on-year growth.

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Frequently Asked Questions

What were Gilead Sciences, Inc. Q2 FY26 results?

- HIV sales expected to grow 8% year-over-year in 2026, up from prior 6% growth guidance. - Gilead expects full-year 2026 operating income of $2.4 billion to $2.9 billion, factoring in acquisitions and related expenses.

What is Gilead Sciences, Inc. share price analysis?

Gilead Sciences, Inc. currently shows a below-average growth signal. The stock trades at a P/E of 18.2 with a market cap of $169,127. Investors should review the full earnings analysis for detailed insights.

Is Gilead Sciences, Inc. planning capital expenditure?

- Gilead has made multiple recent strategic acquisitions: Arcellx (closed), Ouro Medicines and Tubulis (expected to close soon), adding best-in-class CAR-Ts, T cell engagers, antibody-drug conjugates, and novel technologies.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.