New York, Jan 20, 2026, 15:50 EST — Regular session
- Gilead shares dipped a bit in afternoon trading yet still edged out the broader market.
- Bernstein held firm on its Outperform rating and kept the $135 price target, pointing specifically to Yeztugo-related catalysts as key drivers.
- Florida’s proposal to tighten restrictions on its AIDS drug assistance program is drawing sharp criticism and raising alarms about patient access.
Gilead Sciences shares edged down 0.2% to $124.68 in afternoon trade, after swinging between $122.49 and $126.22 earlier. Bernstein SocGen Group held firm on its Outperform rating and $135 price target, pointing to Yeztugo as a major driver for Gilead’s 2026 forecast. The firm also flagged that the market may be underestimating the boost from re-dosing planned for later this year. 1
The muted move came during a widespread market selloff triggered by renewed trade-war fears and a surge in volatility. Wasif Latif, chief investment officer at Sarmaya Partners, said, “It’s all coming together for a pretty significant risk off day,” as the S&P 500 dropped about 2% and the Nasdaq fell more than 2%. 2
Timing matters for Gilead, with investors watching closely for anything that might affect HIV drug demand and reimbursement, including state programs. This comes as the company tries to grow beyond its core franchise. Payer decisions and public funding now stand right alongside new product launches, pushing policy moves into sharp focus.
Florida officials revealed steep cuts to the state’s AIDS Drug Assistance Program, which helps people with HIV access vital medications. The proposal targets insurance premium support, narrows income eligibility, and drops coverage for some single-tablet regimens. State authorities cite a $120 million budget shortfall for the harsh measures. Florida Surgeon General Joseph Ladapo acknowledged the potential for a “crisis,” STAT News reports. 3
Florida’s health department revealed it will directly fund HIV medication for people earning up to 130% of the federal poverty level, pointing to rising insurance costs and cuts in federal funding. A short transition period is planned to avoid a funding gap, which they estimate exceeds $120 million. 4
Tuesday saw advocates converge in Tallahassee, pressing the state to undo recent policy moves. Esteban Wood, the AIDS Healthcare Foundation’s Southern Bureau Director of Legislative Affairs, slammed the Florida Department of Health’s steps as “incompatible with keeping patients in care,” calling for an immediate reversal. The coalition warned these cuts would strip access to key HIV drugs, including Biktarvy. 5
Gilead’s HIV treatments remain a revenue anchor amid weaker sales in other areas. Biktarvy sales rose 6% to $3.7 billion in Q3 2025, while Descovy surged 20% to $701 million. Combined, these products lifted HIV sales to $5.3 billion for the quarter. 6
The bigger question is whether the Florida debate will stay local. Investors are watching closely to see if other states follow suit with eligibility resets—or if Florida lawmakers intervene before the proposed March start date.
Execution risk on the product side is still a major worry. Yeztugo’s expansion depends heavily on the speed of prescriber uptake and payer coverage decisions. Gilead is battling tough rivals in HIV prevention and treatment, highlighting how quickly “launch momentum” can slip away when access tightens.
Up next: earnings. Third-party calendars have Gilead’s Q4 results due Feb. 10, which could bring fresh guidance on Yeztugo sales, HIV drug pricing, and any policy cues that might catch traders’ attention. 7
