Gilead Shares Dip as 2026 Guidance Falls Short of Expectations
- Feb 11
- 2 min read
Gilead Sciences (NASDAQ: GILD) reported a "remarkable year" of clinical and commercial execution for 2025, yet its stock price fell nearly 2% following the release of a 2026 financial forecast that landed at the low end of analyst expectations.
For the full year 2025, Gilead reported total product sales of $28.9 billion, a 1% increase that exceeded the company's own guidance. This performance was heavily bolstered by the HIV segment, which remains the company’s primary growth engine. HIV sales reached $20.8 billion in 2025, led by the flagship treatment Biktarvy, which generated $14.3 billion in annual sales.
A major highlight of the report was the launch of Yeztugo (Sunlenca), a twice-yearly injectable for HIV prevention. The drug delivered $150 million in 2025 revenue and has already achieved 90% payer coverage. However, management’s 2026 sales guidance of $800 million for the injectable fell short of the $907 million projected by Wall Street analysts.
Beyond HIV, Gilead saw a 17% surge in liver disease sales during the fourth quarter, reaching $844 million, driven by the rapid adoption of Livdelzi. The oncology sector also showed momentum, with Trodelvy sales rising 6% to $1.4 billion for the year. Conversely, the cell therapy segment struggled, with annual sales dropping 7% to $1.8 billion due to increased market competition.
Looking toward 2026, Gilead anticipates total product sales between $29.6 billion and $30.0 billion. CEO Daniel O’Day noted that the outlook was tempered by a 2% headwind resulting from a pricing agreement with the Trump Administration and uncertainties regarding insurance coverage under the Affordable Care Act. While the company plans four major commercial launches in 2026, investors remained cautious as projected adjusted earnings of $8.45 to $8.85 per share sat slightly below the analyst consensus of $8.75.
🔖 Sources
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Gilead Shares Dip
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