Despite reporting fourth-quarter 2025 earnings that surpassed Wall Street forecasts, Gilead Sciences saw its stock drop by as much as 6% in after-hours trading on February 10, 2026.
The company recorded $7.9 billion in product sales for the final quarter of 2025, a 5% year-over-year increase. The HIV franchise remained a core driver, growing by 6%, with flagship treatments Biktarvy and Descovy generating $4 billion and $819 million respectively—both beating average analyst estimates. However, the market reaction turned negative due to the trajectory of Yeztugo, a recently launched HIV prevention drug. Its quarterly sales of $96 million fell short of the $106 million anticipated by analysts, and Gilead’s 2026 sales guidance of $800 million for the drug missed the “whisper” investor expectation of $1 billion.
Gilead’s cell therapy portfolio also faced headwinds, with revenue declining 6% to $458 million amid intensifying competition. While some industry peers have exited the space or shifted focus toward “in vivo” technologies, Gilead maintains its commitment to cell therapy through strategic acquisitions and partnerships aimed at expanding its oncology and multi-disease pipeline.
For the full year of 2026, Gilead projects product sales between $29.6 billion and $30 billion. Despite navigating new pricing policy challenges introduced by the U.S. administration, the company expects the financial impact to remain manageable.