Gilead is preparing for a busy second half of 2026 as it works to expand its sales portfolio beyond HIV, according to an Aug. 5 investor call. CEO Daniel O’Day said, “Clearly, our objective is still to diversify the business,” in response to questions about building other sources of revenue outside the company’s virology focus. The company had reported its second quarter earnings results earlier that day.
Citi analyst Geoff Meacham said during the call that while Gilead’s effort to diversify has produced clear results in its pipeline, “You’re not really there yet with respect to sales.” Many analysts on the call shared concerns about how much HIV continues to contribute to Gilead’s balance sheet.
Chief Medical Officer Dietmar Berger pointed out several upcoming clinical readouts that could move Gilead toward a more diversified commercial portfolio. One such catalyst is data expected later this year from the Phase 2 SWIFT trial of emvistegrast for ulcerative colitis. Another is the kinase blocker edecesertib, which is being studied in the Phase 2 COSMIC trial for cutaneous lupus erythematosus.
In oncology, Berger highlighted potential approval for anito-cel—a CAR T therapy developed with Arcellx and proposed as a fourth-line option for relapsed or refractory multiple myeloma. Gilead acquired Arcellx in February for $7.8 billion and also completed acquisitions involving Tubulis GmbH and Ouro Medicines during the second quarter.
The company recorded revenues of $7.8 billion in Q2, up 10% year-on-year, with HIV remaining its strongest franchise at $5.7 billion—an increase of 12%. Research and development expenses reached $1.8 billion due largely to recent buyouts. Truist Securities analysts wrote that this performance shows "the durability of GILD’s HIV franchise and its ability to continue delivering growth," citing Biktarvy's global sales rise by 7% year-on-year.
Analysts also asked about return rates for Yeztugo, Gilead’s twice-yearly prophylactic injection against HIV infection; Johanna Mercier said persistency rates were over 70%, calling it a "high level of persistency" well above other PrEP options. Yeztugo earned $232 million in Q2 while Descovy’s PrEP sales hit $801 million; together these drugs pushed quarterly PrEP sales past $1 billion for the first time.
