Strong Quarterly Performance and Revenue Growth: Gilead reported a successful second quarter with total product sales of $7.1 billion, up 2% year-over-year (YOY), driven by solid performance in the HIV segment, with base business sales excluding Veklury reaching $6.9 billion, a 4% increase YOY. The company is raising its full-year sales guidance, expecting product sales (excluding Veklury) to be between $27.3 billion to $27.7 billion.

FDA Approval of Yeztugo: The FDA approval of lenacapavir (Yeztugo) for twice-yearly HIV prevention is a significant milestone, presenting a transformative opportunity for Gilead in the growing PrEP market. The company's early launch execution shows promise, with high prescriber awareness (72% unaided) and early positive feedback from clinicians, indicating a potential exponential uptake as access expands.

Elevated Expectations for HIV Portfolio: Given the robust growth in key HIV treatments like Biktarvy (up 9% YOY to $3.5 billion) and Descovy (up 35% YOY to $653 million), Gilead expects overall HIV sales to grow by approximately 3% for the full year, an upgrade from earlier flat expectations. However, they anticipate headwinds from Medicare Part D redesign reducing HIV revenue by approximately $1.1 billion.