Gilead (GILD): Don't Let a $(8.45) EPS Number Obscure a +10% Quarter

Gilead Sciences (GILD) reported an unusual Q2:

• $7.8B revenue: +10% YoY

• HIV sales: +12%

• Biktarvy: +7%

• Trodelvy: +26%

• GAAP EPS: $(8.45)

How can the underlying business grow 10% while Gilead reports an $8.45/share loss?

The answer is largely $11.2 billion of acquired in-process R&D expense associated with an aggressive expansion of Gilead's pipeline.

Here's roughly where it went:

• $7.0B — Arcellx

  • Cell Therapy Technology | Kite Pharma

• $3.1B — Tubulis

  • https://tubulis.com/technology

• $1.0B — Ouro Medicines

  • https://www.ouromedicines.com/science

$7.0B Arcellx	$3.1B Tubulis	$1.0B Ouro
CAR-T	ADC	T-cell engager
D-Domain	P5/Tubutecan	BCMA×CD3
Multiple myeloma	Solid tumors	Autoimmune disease
Cell therapy	Targeted payload	Immune reset

Arcellx brings anito-cel, an investigational BCMA-directed CAR-T for multiple myeloma, and its novel D-Domain technology. The D-Domain is an approximately 8 kDa synthetic binding protein, versus roughly 25 kDa for conventional scFv and bivalent VHH CAR binders.

Tubulis adds another technology entirely: antibody-drug conjugates, or ADCs. Its Tubutecan platform combines an antibody with proprietary P5 conjugation/linker technology and a potent topoisomerase-I inhibitor payload.

Ouro takes Gilead outside oncology and into a third modality. Its lead candidate, gamgertamig (OM336), is a BCMA×CD3 T-cell engager designed to use a patient's own T cells to achieve deep depletion of pathogenic plasma cells and B cells.

Approximately $11.2B of acquired IPR&D expense in Q2.

Gilead also raised its 2026 base-business product-sales outlook excluding Veklury to $29.8B–$30.1B, from $29.4B–$29.8B previously.

Q2 Revenue: $7.8B | +10% YoY