Gilead Sciences Inc.：2Q可能足够好

研报英文原文证据摘录

M

Idea

August 5, 2026 03:11 AM GMT

Morgan Stanley & Co. LLC

Gilead Sciences Inc. | North America

Terence C Flynn, Ph.D.

Equity Analyst

2Q likely good enough

Chris Yu, J.D., Ph.D.

Equity Analyst

Connor M Massari

AlphaSignals Earnings Reaction

Equity Analyst

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Damien H Kerner

Source: Company data, Morgan Stanley Research

Research Associate

Hailey Horowitz

GILD posted a 2Q rev beat and raised 2026 rev guidance driven

by another strong quarter of Prep franchise growth and Yeztugo

posted a beat vs. cons; while '26 Yeztugo guidance was

maintained, persistence update was a positive in our view.

GILD posted a 2Q rev beat and raised 2026 sales guidance by $100mn at the low

end and improved EPS expectations by $0.38 at the midpoint. Yeztugo 2Q sales

Research Associate

Alexander Yevdokimov, Ph.D.

Research Associate

Morgan Stanley India Company Private Limited+

Saket Agarwal

Research Associate

were slightly ahead of cons and while FY26 guidance was maintained at ~$1bn,

we were encouraged by GILD's commentary on launch metrics, including early read

on persistence, cited at more than 70% vs. prior commentary of an expectation of at

least 50%, as well as ongoing robust growth of the US HIV prevention/PrEP market

(+14% y/y in 2Q) driving a notable Descovy beat that leads us to increase our

Descovy estimates.

2Q26 recap. Revenue of $7.8bn was ahead of MS $7.4bn/cons $7.4bn. Non-GAAP

EPS of $(6.75) was also narrower than MSe/cons of $(7.24)/$(7.26). See Exhibit

1 and Exhibit 2 for variance tables. Revised 2026 guidance ( Exhibit 4 ): Base

business sales (ex-Veklury for COVID) guidance raised to $29.8bn–$30.1bn from

$29.4–$29.8bn prior ($350mn at the midpoint) vs. MS new/old/cons of $30.3bn/

$29.7bn/$29.7bn. The low end of total product sales guidance was raised to $30.1–

$30.4bn from $30.0–$30.4bn vs. MS new/old/cons of $30.6bn/$30.2bn/$30.3bn;

which reflects a Veklury guidance cut to ~$300mn from ~$600mn on fewer COVID-

Gilead Sciences Inc. (GILD.O, GILD US)

Biotechnology | United States of America

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