Gilead Sciences, Inc. (NASDAQ: GILD) ended the Dec. 23, 2025 session modestly higher and was little changed after the closing bell—a calm tape that masks a busy fundamental backdrop heading into a holiday-shortened Christmas Eve trading day.
As investors look toward Wednesday’s open (Dec. 24, 2025), the “what matters” list for GILD is less about tonight’s after-hours tick and more about the headlines that could shape sentiment into year-end: Gilead’s move to expand its antiviral pipeline with a new herpes program, the company’s upcoming J.P. Morgan Healthcare Conference appearance, and the still-fresh U.S. drug-pricing/tariff-relief agreements that are reshaping how big pharma talks about pricing and U.S. manufacturing.
GILD after the bell on Dec. 23, 2025: The numbers investors are watching
Gilead shares finished regular trading on Tuesday at about $125.19, up roughly 0.83% on the day, and the stock was essentially flat in after-hours trading (around $125.21 in a delayed quote shortly after 6 p.m. ET). [1]
Intraday, GILD traded in a relatively wide band for a mega-cap pharma name, with highs in the $127 area and lows in the $123 area, reflecting the thin-to-thinner liquidity pattern that tends to show up in the final sessions before Christmas.
Two important context points for interpreting the after-hours print:
- After-hours quotes can be noisy (lower liquidity, wider spreads, more “price discovery” than conviction).
- Wednesday is a shortened session for U.S. markets, which can amplify moves in either direction because fewer participants are active.
Why Wednesday’s open matters more than tonight’s after-hours move: Christmas Eve is an early close
U.S. equities markets are scheduled to close early at 1:00 p.m. Eastern Time on Wednesday, Dec. 24, 2025 (with eligible options closing at 1:15 p.m. ET, per NYSE). [2]
That matters for Gilead (and every large-cap name) because:
- Price moves can look bigger than they are when volume is lighter.
- Headline sensitivity increases: a single policy or biotech headline can push a stock more than it might on a normal day.
- Positioning decisions get compressed: traders who want exposure “through year-end” may act earlier in the session.
Today’s key Gilead headline: A new herpes program becomes a real pipeline bet
One of the most consequential company-specific developments being digested into the Dec. 23 session is Gilead’s decision to exercise its option to exclusively license Assembly Biosciences’ HSV (herpes simplex virus) helicase‑primase inhibitor programs for recurrent genital herpes, including investigational candidates ABI‑1179 and ABI‑5366. [3]
What Gilead said—and why investors care
In its release, Gilead positioned the move as part of a broader effort to build a “novel antiviral pipeline,” and pointed to early clinical signals that could support the first new recurrent genital herpes treatment in more than 25 years. The company also highlighted interim Phase 1b data showing antiviral activity and clinical improvements, with profiles supportive of once‑weekly oral dosing. [4]
For investors, the significance is twofold:
- Strategic fit: Gilead is historically strongest in antivirals (HIV and viral hepatitis). This deal reinforces a “back to virology” growth narrative while the company continues to rebuild confidence in oncology.
- Optionality: If HSV candidates progress, they could create a new branded franchise in a high-prevalence condition where current options are older.
The deal terms in plain English
Under the 2023 collaboration agreement, Assembly Bio receives $35 million for the option exercise (a $45 million option fee net of $10 million previously provided as accelerated funding). Gilead gets the exclusive license and takes over development and commercialization responsibility. Assembly Bio can also earn up to $330 million in milestones plus tiered royalties, with a U.S. profit-share opt-in alternative under certain conditions. [5]
Even though Assembly Bio (ASMB) is the more direct stock lever to the licensing decision, the market often views these steps as incremental positives for Gilead’s longer-term growth runway—especially when paired with other virology catalysts.
Another near-term catalyst: Gilead is headed to JPM Healthcare Conference (Jan. 12, 2026)
Gilead also confirmed its executives will present at the J.P. Morgan Healthcare Conference on Monday, Jan. 12, 2026, with a webcast and replay availability. [6]
Why it matters for GILD stock:
- JPM week is where biopharma often sets the tone for the year—strategy refreshes, pipeline priorities, business development signals, and sometimes early commercialization commentary.
- With Gilead, investors frequently listen for updates on:
- HIV lifecycle management and long-acting regimens,
- oncology prioritization after setbacks,
- and capital allocation (dividends/buybacks vs. M&A).
The big policy overhang still in play: TrumpRx, drug pricing, and tariff relief
Although not announced on Dec. 23 specifically, the Dec. 19 U.S. drug-pricing agreements remain central to the “what to know before the open” story because they can influence sentiment across the entire pharma group.
What the broader reporting says
Reuters reported that President Donald Trump and nine major pharmaceutical companies—including Gilead—struck agreements featuring substantial price cuts and a direct-to-consumer channel via TrumpRx.gov, with a “most-favored-nation” style pricing framework for future launches, and tariff relief for three years as part of the tradeoff. [7]
The Associated Press similarly described the initiative as aiming to reduce prescription drug costs and expand direct purchasing options, while noting uncertainty about the ultimate savings and implementation details. [8]
MarketWatch also noted that pharma stocks broadly moved higher on the day of the announcement, as investors weighed the agreements as potentially reducing regulatory/tariff uncertainty versus the risk of margin pressure. [9]
What Gilead itself disclosed
In its own announcement, Gilead said the three-year agreement includes:
- Discounts on certain medicines in the U.S. Medicaid program (including select drugs across HIV, hepatitis, and COVID-19),
- pricing future medicines at parity with other developed nations,
- a direct-to-patient program that would make its hepatitis C cure Epclusa available via TrumpRx.gov connections,
- and a Commerce Department agreement to be exempt from Section 232 pharmaceutical tariffs for three years—conditional on further U.S. manufacturing investment. [10]
The White House fact sheet on the agreements specifically highlighted a sharp drop in Epclusa’s price for direct purchases through TrumpRx (from $24,920 to $2,425, per the fact sheet), underscoring how aggressive the public messaging is around discounts. [11]
For Gilead shareholders, the market question isn’t just “price cuts,” but how much of the volume shifts to discounted channels and how the company balances affordability commitments with maintaining reinvestment capacity for R&D and U.S. manufacturing.
Forecasts and analyst views circulating today: Price targets, earnings expectations, and “what’s next” for GILD
Even on a quiet after-hours tape, investors often check the “consensus dashboard” before a shortened session:
Analyst price targets
Market data aggregators show a wide target range for Gilead, with targets commonly cited between roughly $105 and $153 and an average target around the mid-$130s. [12]
Interpretation: the Street is not treating Gilead as a high-multiple momentum name, but many analysts still see modest upside from current levels, typically tied to durability in HIV cash flows and optionality from long-acting regimens and pipeline execution.
Earnings timing and near-term expectations
Based on historical patterns, several market calendars list Gilead’s next earnings release as around Feb. 10, 2026 (estimated)—though companies can always update schedules. [13]
Zacks’ published models also point to a Q4 (Dec. 2025) EPS consensus estimate around $1.86. [14]
Pipeline sentiment: HIV strength vs. oncology noise
Recent Reuters coverage has emphasized that Gilead continues to build around lenacapavir-based platforms, including a late-stage study in which an experimental once-daily single-tablet regimen (bictegravir + lenacapavir) met its main goal versus Biktarvy, with the company expecting to present more data next year. [15]
At the same time, Reuters also reported a notable oncology setback earlier in December: Gilead and Arcus scrapped a late-stage trial of a cancer drug combo in upper GI cancers after weak survival data (with other trials continuing). [16]
Net: heading into Wednesday’s open, Gilead’s “fundamentals debate” still looks like virology execution strength competing with oncology portfolio skepticism—and the new HSV program news reinforces the virology side of that ledger.
What to watch before the market opens Wednesday, Dec. 24
Here’s a practical checklist for Gilead Sciences stock (GILD) ahead of the Christmas Eve open:
1) Confirm the holiday-shortened session plan
With the 1:00 p.m. ET early close (and eligible options closing at 1:15 p.m. ET), it’s common to see the most “real” price discovery happen in the first 60–120 minutes of trading. [17]
2) Watch for follow-through on the HSV licensing narrative
The HSV program isn’t a near-term revenue story—but the market can reward Gilead for moves that deepen its antiviral bench, especially when they come with:
- once-weekly oral dosing potential,
- early antiviral activity signals,
- and a clear commercial unmet-need framing. [18]
3) Monitor Washington headlines on drug pricing implementation
For big pharma, the “policy beta” can matter more than company-specific news in thin holiday trading. Any new clarity—or controversy—around TrumpRx logistics, payer reactions, or scope of MFN commitments can spill over into GILD. [19]
4) Keep Jan. 12 (JPM week) on the radar
Even if Wednesday is quiet, investors often start positioning ahead of JPM Healthcare Conference week. Gilead’s scheduled appearance is a known date on the catalyst calendar. [20]
5) Remember where GILD sits versus recent highs
Gilead’s 52-week high was $128.70 (set in November, per MarketWatch), so traders often watch how the stock behaves when it approaches that area again. [21]
Bottom line for Gilead stock heading into Dec. 24
Gilead’s after-hours trade on Dec. 23 isn’t screaming “new information.” The more important story is what investors are carrying into the Christmas Eve session: a virology-forward pipeline update (HSV), an upcoming high-visibility investor conference appearance, and a rapidly evolving U.S. policy environment on drug pricing and tariff relief.
With Wednesday’s shortened session, expect headline-driven moves—and potentially exaggerated price action—despite GILD’s mega-cap stability.
This article is for informational purposes only and is not investment advice. Stocks involve risk, and after-hours quotes are often delayed and can differ by data provider.
References
1. www.marketwatch.com, 2. www.nyse.com, 3. www.gilead.com, 4. www.gilead.com, 5. www.gilead.com, 6. www.businesswire.com, 7. www.reuters.com, 8. apnews.com, 9. www.marketwatch.com, 10. www.gilead.com, 11. www.whitehouse.gov, 12. www.marketwatch.com, 13. www.zacks.com, 14. www.zacks.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.nyse.com, 18. www.gilead.com, 19. www.reuters.com, 20. www.businesswire.com, 21. www.marketwatch.com
