Gilead's 2026 Outlook Falls Short of Wall Street Expectations, Stock Price Drops

Gilead Sciences released its 2026 financial forecast on Tuesday, which was at the lower end of analysts' expectations, including sales of its groundbreaking twice-yearly injectable HIV prevention drug, causing its stock price to fall by nearly 2%.

The California-based biotechnology company also reported fourth-quarter 2025 sales and profits that slightly exceeded Wall Street expectations. Quarterly sales of Yeztugo, the twice-yearly injectable HIV prevention drug launched in the U.S. last year, totaled $96 million, surpassing Wall Street's forecast of $88 million. Gilead stated it expects Yeztugo sales to reach $800 million in 2026, while analysts had predicted $907 million. Brian Abrahams, an analyst at RBC Capital Markets, said Yeztugo's forecast is "below investors' 'whisper' expectation of $1 billion." The drug has been shown in clinical trials to be nearly 100% effective in preventing HIV, offering new hope for blocking the virus that infects 1.3 million people globally each year. However, some are hesitant about Yeztugo's U.S. launch price of about $28,000 per year. Gilead said that so far, 90% of U.S. payers have agreed to cover the drug. Gilead also said it expects adjusted earnings per share in 2026 to be between $8.45 and $8.85. Analysts had anticipated earnings per share of $8.75, $0.10 higher than Gilead’s forecast midpoint. Gilead’s stock fell 3% in regular trading and dropped about 2% after hours, closing at $144.52.

Editor: Wang Yongsheng