Analyst Conference Summary

biotechnology

conference date: August 4, 2026 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2026 (second quarter, Q2 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ billion, down % sequentially from $6.96 billion and up % from $ billion in the year-earlier quarter.

Net income was $ billion, down % sequentially from $2.01 billion and up % from $ billion year-earlier.

Earnings per share (EPS, diluted) were $, down % sequentially from $1.61, and up % from $ in the year-earlier quarter.

Guidance:

Conference Highlights:

Daniel O'Day, CEO, said "" Gilead has no major LOEs (loss of exclusivity) until 2036.

The dividend is $0.82 per share, is to be paid on 29, 2026 to shareholders of record as of 15, 2026.

Arcellx acquisition completed in Q2 2026 for $7.8 billion.

Ouro Medicines acquisition announced in Q2 2026. Will bring T cell engagers for autoimmune diseases. Closing data uncertain.

Tubulis acquisition announced in Q2 2026. Is developing next-gen ADCs.

Combination of lenacapavir and Bictegravirfor HIV BLA accepted by FDA with PDUFA date of 8/27/2026. In Q2 2026 also announced U.S. would invest in PEPFAR to deliver lenacapivir to an additional 1 million people. The US PrEP business grew 87% y/y.

Anito-cel for fourth line multiple myeloma FDA filing acceptence in Q1 2026, PDUFA 12/23/2026.

Later in Q2 expects the FDA decision on Bulevirtide (Hepcludex) for Hepatitis D. Already approved in EU.

Trodelvy for first line metastatic triple negative breast cancer FDA decision is expected in 2026.

Non-GAAP numbers: Net income was $ billion, up % sequentially from $2.55 billion and up % from $ billion year-earlier. Non-GAAP EPS was $, % sequentially from $2.03 and up % from $ year-earlier.

Product sales were $ billion, down % sequentially from $6.95 billion and up % from $ billion in the year-earlier quarter.

Royalty, contract and other revenue was $ million, down sequentially from $ million, and down from $ million year-earlier.

Cash and equivalents ended at $ billion, down sequentially from $8.6 billion. $ billion cash flow from operations. Capital expense $ million. $ billion free cash flow. $ million was used to repurchase shares. $ billion paid in dividends. Long term liabilities were $ billion. $ billion was used for debt repayment in the quarter.

Numerous other studies are underway or planned; see Gilead pipeline.

Expenses were $ billion, consisting of $ billion for cost of goods sold; $ billion for R&D; $ million acquired in-process R&D; $5 billion SG&A. Leaving income from operations of $ billion. Interest expense $ million. Other income $ million. Income tax $ million.

Q&A selective summary:

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