New York, Jan 28, 2026, 15:09 EST — Regular session
- Gilead shares dip in afternoon trading, pulling back after hitting recent highs
- Medicare has scheduled negotiations for 2026 to impose price caps starting in 2028 on Biktarvy and other high-cost drugs
- Gilead highlighted a fresh NCCN guideline update for Trodelvy as investors gear up for the Feb. 10 results
Shares of Gilead Sciences slipped 1.3% to $139.19 in Wednesday afternoon trading, retreating after a recent rally as investors weighed new drug-pricing news and an oncology update from the company.
On Wednesday, Gilead announced its cancer drug Trodelvy was designated as a “category 1” preferred first-line treatment for certain metastatic triple-negative breast cancer patients in the National Comprehensive Cancer Network’s (NCCN) breast cancer guidelines. Dr. Mika Kakefuda Derynck, head of Gilead’s oncology therapeutic area, said the updated guidelines “validate the potential for Trodelvy to become a backbone treatment option.” (Gilead)
Washington holds a key question for some investors. CMS announced it has picked Gilead’s HIV drug Biktarvy for the third round of Medicare’s drug price negotiation program. Talks are slated for 2026, with any new prices kicking in Jan. 1, 2028. The agency noted the 15 drugs on this list represent roughly $27 billion in Medicare Part B and Part D spending, serving about 1.8 million patients. Drugmakers have until Feb. 28 to decide on participation. (Centers for Medicare & Medicaid Services)
BMO Capital Markets analyst Evan Seigerman described the impact from earlier rounds as “manageable,” pointing out that some drugs on the new list are close to losing exclusivity. Biktarvy posted $13.4 billion in sales for 2024, according to Reuters. The company has also disclosed settlements with generic manufacturers that push U.S. patent protection through April 2036. (Reuters)
Another note echoed the sentiment but singled out Biktarvy as the exception. Leerink Partners analyst David Risinger described the price cuts as “immaterial” for most firms on the list, though he cautioned that Biktarvy’s Medicare revenue might hit roughly 8% of Gilead’s 2027 sales. (BioPharma Dive)
The pullback follows a solid run. Gilead finished Tuesday up 2.3% at $140.97, marking its fifth day in a row of gains and hitting a fresh 52-week high, according to MarketWatch data. (MarketWatch)
Gilead is gearing up to release its fourth-quarter and full-year 2025 earnings after markets close on Feb. 10. The company will hold a webcast at 4:30 p.m. ET the same day. (Business Wire)
Traders are focused on a tight list: fresh insights into the HIV franchise’s staying power, early signs of momentum in oncology, and management’s take on the Medicare negotiation route—though no specific figures were mentioned.
The story could still shift. Medicare talks might result in deeper discounts than anticipated, and even guideline approvals won’t ensure quick adoption if payers resist or rivals flood the market. Regulatory decisions on new Trodelvy indications also add uncertainty.
Investors are eyeing Feb. 10 for any updates or changes in tone regarding 2026 pricing pressure. The Medicare participation deadline follows shortly after, on Feb. 28.
