Gilead Sciences Swings to 2Q Loss on R&D Costs, HIV-Drug Sales Lift Revenue

By Elias Schisgall

Gilead Sciences reported second-quarter revenue growth, driven largely by sales of HIV products, even as new research-and-development expenses from recent acquisitions swung the company to a loss.

The biopharmaceutical company on Tuesday reported a loss of $10.5 billion, or $8.45 a share, compared with a profit of $1.96 billion, or $1.56 a share.

Stripping out certain one-time items, Gilead reported an adjusted loss of $6.75 a share. Analysts polled by FactSet were expecting an adjusted loss of $7.26 a share.

Both the reported and adjusted losses include an impact of $9.08 a share primarily from acquired research-and-development expenses associated with Gilead's purchases of Arcellx, Tubulis GmbH, and Ouro Medicines, the company said.

Revenue grew to $7.8 billion from $7.08 billion, beating analyst expectations for $7.4 billion in revenue. The revenue growth was largely driven by higher sales of HIV products, which rose 12%, to $5.69 billion, Gilead said.

Sales of liver-disease drugs, which rose 10%, to $877 million, and the breast-cancer treatment Trodelvy, which rose 26%, to $457 million, also helped boost growth, the company said.

Sales of the Covid-19 treatment Veklury fell 81%, to $23 million, during the quarter, Gilead said, driven by lower rates of Covid-19 hospitalizations.

The company lowered its full-year forecast for Veklury sales to around $300 million, down from a previous view of around $600 million.

Gilead also narrowed its overall full-year product-sales guidance to a range of $30.1 billion to $30.4 billion, lifting the lower bound from previous guidance of $30 billion. The projection includes expected sales of Veklury.

The company said it expects to report a full-year adjusted loss of 30 cents to 65 cents a share. It previously guided for an adjusted loss between 65 cents and $1.05 a share.

Analysts are currently expecting a full-year adjusted loss of 75 cents a share on $30.23 billion in product sales.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

August 04, 2026 16:23 ET (20:23 GMT)