Gilead said it expects sales for its HIV portfolio to increase 6% in 2026 compared to 2025, spearheaded by growth in its recently launched pre-exposure prophylaxis (PrEP) Yeztugo (lenacapavir).
Gilead’s HIV drugs generated $20.8bn in full-year 2025 sales, up 6% from 2024. This was mainly fuelled by the company’s well-established Biktarvy (bictegravir/emtricitabine/tenofovir alafenamide) market leadership. The once-daily HIV prevention pill’s sales increased 7% to $14.3bn.
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The drugmaker expects the HIV portfolio to grow by 6% again in 2026, despite 2% headwinds from the Most Favored Nation (MFN) agreement and Obamacare expiry impacts. Gilead struck a pricing deal with the White House in December 2025.
Yeztugo was specifically highlighted in the earnings call as a key revenue driver. The injection is the first and only biannual PrEP option available for adults and adolescents weighing at least 35kg. Also known under the brand name Yeytuo, the long-acting antiretroviral agent has been hailed as a significant step in HIV prevention. The drug reached $150m in full-year 2025 sales, following a June 2025 approval by the US Food and Drug Administration (FDA); Gilead, however, expects $800m in sales in 2026, which would represent 433% year-over-year growth. Citi analysts said that the Yeztugo upside “looks quite doable”.
Analysis by GlobalData forecasts that Yeztugo will continue growing this decade, buoyed by continued HIV prevention demand, reaching $5.34bn in annual sales in 2031.
GlobalData is the parent company of Pharmaceutical Technology.
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By GlobalDataAlong with HIV product stalwarts, liver disease products such as Livdelzi (seladelpar) helped push Gilead’s total revenue to $29.4bn in 2025, a 2% increase from 2024.
Overall, Gilead expects product sales between $29.6bn and $30bn in 2026. This forecast factors in headwinds from Veklury (remdesivir), a Covid-19 antiviral that has seen its demand sharply drop in recent years.
“While 2026 guidance missed consensus, it wasn’t by much and we suspect that there are many upside levers throughout the year,” Citi analysts added in a research note.
Shares in Gilead were trading down 3.51% pre-market at $142.06. The company has a market cap of $182.7bn.
Gilead CEO Daniel O’Day said in an earnings call: “With no major loss of exclusivities until 2036, the next 10 years, and a really proactive approach to business development, Gilead’s business is secure, growing, and with the potential for much more to come.”
