Gilead Sciences (GILD) announced its second-quarter fiscal year 2026 results, with total revenue increasing by 10% year-over-year to approximately $7.8 billion, and product sales growing by 8% to $7.6 billion. However, the company recorded a GAAP loss of $8.45 per share for the quarter, compared to a profit of $1.56 per share in the same period last year, due to over $11 billion in acquired in-process research and development (IPR&D) expenses. The company also raised the lower end of its full-year 2026 product sales guidance, now expecting $30.1 billion to $30.4 billion, up from the previous $30.0 billion to $30.4 billion. Product sales excluding Veklury are now projected to be $29.8 billion to $30.1 billion, an increase from the prior $29.4 billion to $29.8 billion. Analysts noted that despite strong performance in its core business, the substantial acquisition costs pose a challenge to its profitability.