New York, Feb 12, 2026, 14:53 EST — Regular session
- Gilead dropped roughly 1.8% on Thursday, pulling back after a strong rally the previous day.
- Investors are sizing up 2026 guidance, measuring it against what they initially hoped for from Yeztugo, the company’s HIV prevention shot taken twice a year.
- Since the earnings report, a number of brokerages have bumped up their price targets, though policy and pricing risks still cloud the launch.
Gilead Sciences Inc (GILD.O) slipped 1.8% to $152.94 on Thursday, pulling back from Wednesday’s $155.80 close. Shares have moved within a range of $150.92 to $156.20 during the session.
Gilead shares swung after the company rolled out its 2026 guidance on Tuesday and rekindled debate around Yeztugo, the twice-a-year HIV prevention shot. For 2026, Gilead put Yeztugo sales at roughly $800 million, trailing the average analyst call. The drugmaker also issued a full-year sales and profit forecast that landed just shy of Wall Street’s consensus. 1
That’s relevant at this stage because Yeztugo is driving the narrative forward, with investors treating the ramp almost like a quarterly litmus test. Minor shifts in demand signals, analyst coverage, or pricing assumptions can send the stock moving in a hurry.
Gilead’s fourth-quarter revenue climbed 5% to $7.9 billion, with non-GAAP earnings hitting $1.86 a share. Biktarvy sales were up 5% at $4.0 billion; Descovy jumped 33% to $819 million. Veklury, the COVID-19 antiviral, tumbled 37% to $212 million. CEO Daniel O’Day pointed to the “successful U.S. launch of Yeztugo” as the year wrapped up. 2
RBC Capital Markets’ Brian Abrahams described the period as a “strong commercial quarter,” but flagged “most-favored-nation” pricing deals as a drag on drug prices. On Yeztugo, he noted the forecast missed the “whisper” number—investors had been hoping for $1 billion. Salim Syed at Mizuho echoed that Gilead’s guidance “probably” leaned cautious, adding, “though some may have wanted a higher number.” 3
Wolfe Research bumped its price target on the shares to $170 from $155, sticking with its Outperform call, MT Newswires said. BMO Capital went to $160, and BofA Securities lifted its target as well, moving to $162, Investing.com noted. 4
Gilead finished Wednesday up 5.82% at $155.80, logging bigger gains than Johnson & Johnson, Pfizer, or Abbott, as volume surged. The broader market posted mixed results. 5
Gilead attached its earnings release to an 8-K, according to a regulatory filing, and stuck to its usual practice of reporting both GAAP and non-GAAP results. The non-GAAP numbers—these adjusted measures exclude items the company considers non-recurring. 6
Still, this tape’s coming off as a pricing story. Should payers dig in their heels more than bulls think—or if Washington goes tougher on reimbursement—Yeztugo’s launch trajectory could eat into the growth everyone’s penciling in. Cell therapy rivals aren’t going away, and with COVID-19 sales sliding, there’s less room for error if the rollout stumbles.
Gilead’s bumped-up quarterly dividend—$0.82 a share—lands on March 30 for anyone holding the stock as of March 13. Traders are eyeing those early Yeztugo demand numbers, looking for any hint the drug’s on pace with that 2026 outlook. 7
