Gilead Exceeds Wall Street Expectations in Quarterly Results

• Yeztugo, Gilead's twice-yearly HIV prevention injection launched in 2025, generated $96 million in Q4 sales versus $88 million expected, with 2026 sales projected at $800 million
• HIV drug Biktarvy posted $4 billion in quarterly sales, beating the $3.8 billion analyst estimate, with CEO calling the HIV business 'going from strength to strength'
• The company forecasts 2026 product sales of $29.6-$30 billion compared to analyst expectations of $30.2 billion, trimming its outlook by about 2% due to policy uncertainty and insurance coverage concerns

Gilead Sciences Beats Q4 Estimates, Issues Conservative 2026 Outlook

Gilead Sciences reported fourth-quarter results on February 10 that exceeded Wall Street expectations, though its 2026 forecast fell at the lower end of analyst predictions.

Key Financial Highlights:

• HIV prevention drug Yeztugo generated $96 million in Q4 sales, surpassing the $88 million analyst estimate. The twice-yearly injection, launched in the U.S. last year, is projected to reach $800 million in 2026 sales.
• Biktarvy, Gilead's HIV treatment drug, posted Q4 sales of $4 billion, beating the $3.8 billion consensus.
• The company expects 2026 product sales of $29.6-$30 billion, below the analyst expectation of $30.2 billion.

Market Implications:

CEO Daniel O'Day attributed the tempered 2026 outlook to two primary headwinds: ongoing negotiations with the Trump Administration and uncertainty surrounding insurance coverage following the expiration of Affordable Care Act subsidies. These factors prompted Gilead to reduce its 2026 sales growth forecast by approximately 2%.

Despite the conservative guidance, O'Day emphasized the strength of Gilead's HIV franchise, which continues to demonstrate robust performance across its product portfolio. The Foster City, California-based biopharmaceutical company's quarterly adjusted earnings per share also exceeded expectations.

Sector Focus:

The results highlight continued momentum in the HIV treatment and prevention market, with Gilead maintaining its dominant position. However, broader healthcare policy uncertainties and potential coverage gaps pose risks to the company's near-term growth trajectory. Investors should monitor developments regarding federal healthcare policy and insurance subsidy programs that could impact pharmaceutical demand in 2026.