Gilead Sciences, Inc. (NASDAQ: GILD) ended Friday, December 19, 2025, with a sharp, high-volume move that kept traders focused into the after-hours session. The headline drivers were a new U.S. government pricing agreement tied to TrumpRx.gov and tariff relief, plus a fresh U.K. regulatory approval for lenacapavir—two catalysts that hit the tape on the same day and helped explain why Gilead was among the stronger large-cap pharma names into the close.
Gilead stock price recap after the bell (Dec. 19 close + after-hours)
Gilead’s regular session finished firmly higher, and the after-hours tape stayed constructive but calm.
- Regular-session close (Dec. 19): $124.29, +2.32%
- Day range:$121.00 – $126.27
- Volume:24.39 million shares (well above the prior day’s 5.80 million) [1]
- After-hours (as of 6:00 PM ET): $124.78, +0.39% from the close, with a $124.04 – $124.78 range [2]
One notable detail: the stock tagged $126.27 intraday but faded from highs by the close—often a sign that headline-driven buyers met profit-taking (or hedging) into the weekend. [3]
Also worth framing: earlier this week Gilead sat roughly 5.7% below its 52-week high of $128.70 (set Nov. 20); Friday’s close leaves it still within striking distance of that area, which matters for technical traders watching potential breakouts. [4]
The big story today: Gilead signs a 3-year U.S. pricing agreement (TrumpRx + tariff exemption)
The market’s central focus was the White House’s announcement that nine major pharmaceutical companies reached “most-favored-nation” style agreements to reduce certain U.S. prices—especially Medicaid pricing—and to offer direct-to-consumer/cash-pay discounts through TrumpRx.gov, a platform the administration says will launch in January. [5]
Gilead confirmed its own deal in a company statement dated Dec. 19, 2025, describing a three-year agreement designed to reduce drug costs while also supporting U.S.-based investment. Key elements Gilead disclosed include: [6]
- Discounts on certain existing medicines in Medicaid, aligned with what is paid in comparably developed nations (Gilead cites select medicines for HIV, hepatitis C, hepatitis B, and COVID-19). [7]
- “Pricing future medicines at parity” with other key developed nations. [8]
- A Direct-to-Patient channel for Epclusa (hepatitis C treatment and cure), routed via TrumpRx.gov to connect patients with Gilead’s program. [9]
- A three-year exemption from Section 232 pharmaceutical tariffs, conditioned on further U.S. manufacturing investment. [10]
- Gilead also said it expects the financial impact to be “manageable in 2026 and beyond,” while noting that additional terms remain confidential. [11]
The Epclusa price cut number investors latched onto
In the White House fact sheet, the administration explicitly listed Epclusa among the discounted drugs and said its price would fall from $24,920 to $2,425 for patients purchasing directly through TrumpRx. [12]
That specific “headline number” is one reason Gilead showed up in so many late-day market recaps: it’s a clean, concrete figure, and it anchors the broader narrative that the administration is pushing for rapid cash-pay savings.
Why pharma stocks rose on “price cut” headlines (and why Gilead benefited)
It might sound counterintuitive that shares of participating drugmakers rose on a day defined by “lower prices.” Reuters offered the clearest explanation: markets appeared to treat the agreements as reducing policy tail-risk (notably tariffs) and as less financially damaging than the rhetoric implies, because net pricing already reflects large discounts—especially in Medicaid. [13]
Two Reuters details mattered for how investors framed the hit to fundamentals:
- The White House described cuts “up to 70% off list prices,” but drugmakers already provide substantial discounts off list in many channels. [14]
- Analysts have noted Medicaid is ~10% of U.S. drug spending, and Medicaid already receives steep discounts (Reuters cites that discounts can exceed 80% in some cases). [15]
In other words: the market’s read-through was that the deals may change headlines and channels (direct-to-consumer, TrumpRx) more than they immediately destroy cash flows—especially with three-year tariff relief sitting on the other side of the ledger. [16]
Second catalyst today: UK regulator approves lenacapavir for HIV prevention (Yeytuo)
Alongside the U.S. pricing agreement, Gilead also got a significant regulatory tailwind overseas.
The U.K.’s medicines regulator (MHRA) announced on Dec. 19, 2025 that it approved lenacapavir (brand: Yeytuo) for the prevention of sexually transmitted HIV‑1 infection in adults and adolescents. The MHRA highlighted that: [17]
- The regimen introduces a “6-monthly long-acting preventative option.” [18]
- Lenacapavir is administered via tablets and injections, with an injection once every six months, and for the first dose people also take two days of tablets by mouth. [19]
For investors, this matters because long-acting HIV prevention is a major strategic area for Gilead, and incremental approvals expand the commercial footprint—though real revenue impact depends on country-level access and adoption.
Today’s “forecast” and “analysis” snapshot: what Wall Street is broadly expecting
Forecasts differ by data provider, but the directional picture is consistent: the analyst consensus is broadly positive, with many services clustering price targets in the low-to-mid $130s and highs in the low $150s.
Here are the most-cited consensus ranges published/updated around this period:
- Investing.com: consensus rating “Buy,” with an average 12‑month price target ~ $132.38 (high $153, low $105). [20]
- TradingView: analysts’ price target ~ $134.04 (max $153, min $105). [21]
- StockAnalysis: consensus rating “Buy,” with an average price target shown around $127.60 (high $151, low $96). [22]
A widely read biotech “fundamentals” angle published today
A Zacks analysis carried on Nasdaq.com (timestamped Dec. 19, 2025) focused on Gilead’s HIV franchise as a core long-term driver—highlighting Biktarvy and Descovy, and describing lenacapavir/Yeztugo as a key prevention product. [23]
From a valuation lens, the same piece noted Gilead trading around 14.32x forward earnings, below the cited large-cap pharma industry multiple (17.11x) in that analysis. [24]
One more policy headline to know before the next session: Medicare international benchmark pilots
Late Friday, Reuters also reported that U.S. officials announced two Medicare pilot programs aimed at bringing out-of-pocket drug costs more in line with prices in comparable countries:
- GLOBE (Medicare Part B) launching Oct. 1, 2026 and running through 2031
- GUARD (Medicare Part D) launching Jan. 1, 2027 through Dec. 31, 2031 [25]
This matters for Gilead investors because it reinforces a broader policy direction: international reference pricing pressure isn’t just a one-off headline—it is being pursued through multiple mechanisms (TrumpRx-style deals, Medicaid alignment, and Medicare pilots). [26]
What to watch before the next market open
Because Dec. 19, 2025 was a Friday, U.S. markets are closed over the weekend—so the “next open” for GILD is Monday, Dec. 22, 2025. Going into that session, here’s the practical checklist investors and traders are likely to focus on:
1) Implementation clarity: what exactly changes, when?
Gilead said the agreement’s impact should be manageable, but also that some terms are confidential. [27]
Expect the market to react to any additional clarity on:
- Which specific products fall under Medicaid discounts (beyond the broad therapy areas named)
- Whether and how the “future medicines parity” language is operationalized
- How quickly TrumpRx becomes functional and what the patient journey looks like
2) The TrumpRx channel question: incremental volume or margin dilution?
The White House is presenting TrumpRx as a direct purchase platform, and AP reported it is set to launch in January. [28]
The investment question is whether TrumpRx meaningfully expands access for cash-pay patients without cannibalizing higher-margin channels—especially since insured patients often transact through very different pricing mechanics.
3) Tariff relief vs. pricing concessions
Reuters stressed that tariff relief was a major reason stocks rose. [29]
Gilead specifically tied its exemption to Section 232 pharmaceutical tariffs for three years, contingent on further U.S. manufacturing investment. [30]
If the market decides the tariff “give” is larger than the pricing “get,” that supports the bull case. If investors later believe concessions are deeper or broader than expected, sentiment can flip.
4) UK lenacapavir approval: access, reimbursement, uptake
The MHRA approval is now in hand, but commercial success depends on real-world rollout. The MHRA emphasized the 6‑monthly dosing schedule (injection every six months, initial tablets). [31]
Watch for headlines about:
- NHS access pathways and timelines
- Competitive positioning vs other PrEP options
- Early adoption signals
5) Technical levels and positioning after a high-volume surge
Friday’s volume (24.39M) was dramatically higher than the prior session and came with an intraday push above $126. [32]
Short-term traders often watch whether a stock:
- Holds gains after a news spike
- Revisits breakout levels
- Continues to firm in after-hours/pre-market indications (Friday’s after-hours was modestly green) [33]
Bottom line for GILD heading into Monday
Gilead goes into the next session with momentum supported by two same-day catalysts: a U.S. pricing/tariff framework that investors treated as de-risking, and a U.K. regulatory approval for lenacapavir in prevention. [34]
The key debate before the next open is not whether these headlines are “big”—they are—but whether the market has enough detail to quantify net impact. With parts of the agreement undisclosed and the TrumpRx platform still pending launch, traders should expect continued headline sensitivity around implementation details and any follow-on moves by the remaining large drugmakers not yet in the program. [35]
References
1. www.investing.com, 2. public.com, 3. www.investing.com, 4. www.marketwatch.com, 5. apnews.com, 6. www.gilead.com, 7. www.gilead.com, 8. www.gilead.com, 9. www.gilead.com, 10. www.gilead.com, 11. www.gilead.com, 12. www.whitehouse.gov, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.gov.uk, 18. www.gov.uk, 19. www.gov.uk, 20. www.investing.com, 21. www.tradingview.com, 22. stockanalysis.com, 23. www.nasdaq.com, 24. www.nasdaq.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.gilead.com, 28. apnews.com, 29. www.reuters.com, 30. www.gilead.com, 31. www.gov.uk, 32. www.investing.com, 33. public.com, 34. www.reuters.com, 35. www.reuters.com
