Gilead Sciences Inc. (GILD): 2Q earnings preview: Yetztugo execution remains key as we monitor broader HIV dynamics and pipeline levers

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Gilead Sciences Inc. (GILD): 2Q earnings preview: Yetztugo execution remains key as we monitor broader HIV dynamics and pipeline levers

Equity Research

28 July 2026 | 5:00AM EDT

Gilead Sciences Inc. (GILD): 2Q earnings preview: Yeztugo execution

remains key as we monitor broader HIV dynamics and pipeline levers

GILD shares have slightly underperformed YTD (-2% vs. S&P 500; -3% vs. DRG), Salveen Richter, CFA

+1(212)934-4204 |

driven, in our view, by continued nervousness around the outlook for HIV, most salveen.richter@gs.com

Goldman Sachs & Co. LLC

notably the ongoing launch of Yeztugo for PrEP (in light of high market expectations)

Matt Dellatorre, Ph.D.

and competitive dynamics, as well as longer-term levers for the business more +1(212)855-0830 |

broadly. The stock now represents the most debated large-cap in our coverage matt.dellatorre@gs.comGoldman Sachs & Co. LLC

(noting an increase in short interest) as investors weigh these dynamics vs. the stocks Tommie Reerink, CFA

defensive appeal, given the company’s strong track-record of commercial execution +1(212)357-2470tommie.reerink@gs.com|

and a relative lack of catalyst overhangs and attractive losses-of-exclusivity (LOE) Goldman Sachs & Co. LLC

Webster, Ph.D.profile. Elizabeth | +1(212)357-9925

elizabeth.webster@gs.com

Commercial execution remains key for 2Q, where we believe consensus is generally Goldman Sachs & Co. LLC

Mishrathe bar - noting uncertainty regarding the translation/capture rate of IQVIA scripts Shrunatra | +1(332)245-7673

(which have plateaued) for Yeztugo - commentary regarding drug persistence (i.e., shrunatra.mishra@gs.com Goldman Sachs India SPL

repeat doses) will also be key. For the HIV PrEP franchise more broadly, we see the

Lydia Erdman

potential for a Descovy beat.