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The biopharma sector's current acquisition wave carries a familiar cost structure: strong commercial books funding heavy upfront charges that distort the income statement for quarters at a time.
Gilead Sciences (NASDAQ: GILD) delivered a clear illustration of that dynamic in fiscal Q2 2026, posting total revenue of approximately $7.8 billion, a 10% year-over-year gain, while recording more than $11 billion in acquired in-process research and development expenses that drove the company to a GAAP loss of $8.45 per share.
Commercial engine running, pipeline priced in The underlying business held its own.
Product sales excluding Veklury, the company's COVID-19 treatment now in steep commercial decline, rose 10% to $7.6 billion, with HIV doing the heaviest lifting. HIV revenue increased 12% to $5.7 billion.
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