Gilead Sciences' 2026 Financial Forecast Falls Short of Expectations

On February 10, 2026, Gilead Sciences Inc. (GILD) reported its fourth-quarter earnings, revealing a revenue increase of 5% year-over-year to $7.9 billion, surpassing analysts' expectations of $7.7 billion. The company posted adjusted earnings per share (EPS) of $1.86, exceeding the anticipated $1.81. Despite these positive results, Gilead's forecast for 2026 product sales and profits fell short of market expectations, leading to a nearly 6% drop in share price during after-hours trading.

ReutersBenzingaGilead Sciences drops 1.8% in after-hours trading as this year's product sales and profit guidance fall short of expectationsBloombergGilead Sciences Q4 2025 slides: HIV growth drives solid results, robust pipeline ahead By Investing.comNasdaq

Gilead's guidance for 2026 includes projected product sales between $29.6 billion and $30 billion, while analysts had anticipated $30.2 billion. The company expects adjusted EPS to range from $8.45 to $8.85, slightly below the average analyst estimate of $8.75. CEO Daniel O'Day highlighted that the forecast for the new HIV prevention drug Yeztugo is expected to reach $800 million, significantly lower than the investor expectation of $1 billion.

ReutersBloombergGilead Sciences drops 1.8% in after-hours trading as this year's product sales and profit guidance fall short of expectationsGilead Sciences Q4 2025 slides: HIV growth drives solid results, robust pipeline ahead By Investing.comBenzinga

The company's HIV portfolio remains its largest revenue source, with fourth-quarter sales of $5.8 billion, a 6% increase from the previous year. Notably, sales of the HIV drug Biktarvy rose 5% to $4 billion. However, Gilead's cell therapy products experienced a decline of 6% due to increased competition, while sales of the cancer drug Trodelvy increased by 8% to $384 million.

Bloomberg

Gilead's financial outlook has been influenced by a pricing agreement with the Trump Administration, which has introduced uncertainties regarding drug pricing and insurance coverage under the Affordable Care Act. CFO Andrew Dickinson noted that these factors contributed to a 2% negative impact on the company's sales growth projections.

Gilead Sciences Q4 2025 slides: HIV growth drives solid results, robust pipeline ahead By Investing.com

Analysts expressed concerns regarding Gilead's conservative guidance, particularly for Yeztugo, which was expected to be a key growth driver for the company. Bloomberg Intelligence analyst Andrew Galler remarked that the lower-than-expected sales forecast for Yeztugo could hinder Gilead's growth trajectory in the competitive HIV market. Following the earnings announcement, Gilead's shares fell by nearly 6%, reflecting investor caution regarding the company's future performance.

Reuters

• “The key is we expect steady, durable, consistent long term growth,” — Daniel O'Day, CEO of Gilead Sciences

Bloomberg

• “This was positioned as a key growth driver for the company, and the HIV business in particular,” — Andrew Galler, Bloomberg Intelligence Analyst

Bloomberg

Gilead Sciences' recent financial results demonstrate a solid performance in the fourth quarter, yet the company's 2026 forecast has raised concerns among investors and analysts alike. The anticipated growth in its HIV portfolio, particularly with Yeztugo, remains critical for Gilead's future success amid competitive pressures and external policy impacts.

Reuters