Akeso vs Gilead Sciences: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Akeso Inc (9926.HK)

Q3 202620 Jul – 17 Sep 2026

▲3

Ivonescimab's survival win and new approvals drove Akeso higher

Ivonescimab beats Keytruda on overall survival In a Phase 3 trial, Akeso's ivonescimab cut the risk of death by 27% compared with Merck's Keytruda, a major win that boosts confidence in the drug's potential.
This is the key clinical success that drove positive sentiment and expectations for Akeso.
Third China approval for ivonescimab Akeso received a third approval in China for ivonescimab in lung cancer, expanding its market reach and reinforcing its leadership in the space.
This regulatory milestone adds to the drug's commercial potential and is new this quarter.
Benefit limited in lower-PD-L1 patients The survival advantage was smaller and not statistically reliable in patients with lower PD-L1 levels, which could narrow the drug's eligible patient population and temper sales forecasts.
This is a real counterweight that tempers the positive results and affects the drug's commercial outlook.
US FDA decision and global trial progress A US FDA decision on ivonescimab is expected by November 14, 2026, and a global confirmatory trial is recruiting, bringing the drug closer to the US market despite remaining uncertainty.
This highlights the upcoming regulatory catalyst and international expansion, which are key for future growth.

September 202621 Aug – 17 Sep 2026

▲4

Akeso's lung-cancer drug beats Keytruda on survival; two new ADCs enter clinic

Ivonescimab beats Keytruda on overall survival Akeso's ivonescimab cut the risk of death by 27% versus Merck's Keytruda in a China Phase 3 lung-cancer trial, with patients living a median 30.8 months versus 22.6. This is the strongest proof yet that Akeso's flagship drug may be better than the world's best-selling cancer drug, lifting its long-term sales outlook.
The survival win is the period's biggest value driver for 9926.HK.
Benefit strongest in high PD-L1 patients In patients whose tumors had high PD-L1 levels, ivonescimab cut death risk by 42%. In lower-PD-L1 patients the benefit was smaller and not statistically reliable. So the drug's edge is real but narrower than headlines suggest, which tempers how much extra sales investors should assume.
It is the honest counterweight inside the same trial result.
Global confirmatory trial and FDA decision ahead Summit is recruiting 780 patients for HARMONi-7, a global trial testing ivonescimab against Keytruda, and the FDA is reviewing a separate application in previously treated EGFR-mutated lung cancer with a November 14 decision date. Success would open the much larger U.S. and European markets.
It shows the path from China approval to global revenue.
Two new ADCs cleared for human testing China's drug regulator cleared Phase 1 trials for AK157D1, a B7-H3 ADC, and AK158D1, a bispecific EGFR/TROP2 ADC. These are Akeso's third and fourth ADCs to reach the clinic, showing a deep pipeline beyond ivonescimab, though any revenue is years away.
Pipeline breadth supports the long-term growth story.

Latest21 Aug – 17 Sep 2026

▲4

Akeso's lung-cancer drug beats Keytruda on survival; two new ADCs enter clinic

Ivonescimab beats Keytruda on overall survival Akeso's ivonescimab cut the risk of death by 27% versus Merck's Keytruda in a China Phase 3 lung-cancer trial, with patients living a median 30.8 months versus 22.6. This is the strongest proof yet that Akeso's flagship drug may be better than the world's best-selling cancer drug, lifting its long-term sales outlook.
The survival win is the period's biggest value driver for 9926.HK.
Benefit strongest in high PD-L1 patients In patients whose tumors had high PD-L1 levels, ivonescimab cut death risk by 42%. In lower-PD-L1 patients the benefit was smaller and not statistically reliable. So the drug's edge is real but narrower than headlines suggest, which tempers how much extra sales investors should assume.
It is the honest counterweight inside the same trial result.
Global confirmatory trial and FDA decision ahead Summit is recruiting 780 patients for HARMONi-7, a global trial testing ivonescimab against Keytruda, and the FDA is reviewing a separate application in previously treated EGFR-mutated lung cancer with a November 14 decision date. Success would open the much larger U.S. and European markets.
It shows the path from China approval to global revenue.
Two new ADCs cleared for human testing China's drug regulator cleared Phase 1 trials for AK157D1, a B7-H3 ADC, and AK158D1, a bispecific EGFR/TROP2 ADC. These are Akeso's third and fourth ADCs to reach the clinic, showing a deep pipeline beyond ivonescimab, though any revenue is years away.
Pipeline breadth supports the long-term growth story.

August 202620 Jul – 14 Aug 2026

▲4

Akeso's ivonescimab wins third China lung-cancer approval; pipeline advances

New China approval for ivonescimab in squamous lung cancer China's drug regulator approved ivonescimab plus chemotherapy as first-line treatment for advanced squamous non-small cell lung cancer — the drug's third approved lung-cancer use. More approved uses mean more patients can be treated, supporting future sales and royalties for Akeso.
This is the period's biggest company-specific event and directly expands the commercial market for Akeso's lead drug.
Ivonescimab's US review and survival data stay on track Partner Summit Therapeutics said the FDA decision on ivonescimab for EGFR-mutant lung cancer is expected by November 14, 2026, and updated survival data showed a consistent benefit across Western and Asian patients. A US approval would open a far larger market and lift Akeso's royalty stream.
It shows the main global catalyst for Akeso's lead drug is still progressing, which underpins the stock's long-term value.
Pipeline push: bispecific ADC combined with ivonescimab Akeso began a Phase II trial of its bispecific ADC AK146D1 combined with ivonescimab in advanced lung cancer, and started a similar breast-cancer study. Early-stage trials are years from sales, but they show the pipeline can produce future growth beyond today's approved drugs.
It answers what is driving the longer-term story: new pipeline assets that could become future revenue.
Sector-wide rally and record China presence at ESMO Chinese drugmakers' oral presentations at ESMO 2026 hit a record 47, with Akeso named a leader, and a broad pharma rally followed strong earnings from WuXi AppTec, BeiGene and Innovent. A rising sector tide can lift Akeso shares even without company-specific news.
It explains the market backdrop pushing the whole sector, including Akeso, higher this period.

20 Jul – 14 Aug 2026

▲4

Akeso's ivonescimab wins third China lung-cancer approval; pipeline advances

New China approval for ivonescimab in squamous lung cancer China's drug regulator approved ivonescimab plus chemotherapy as first-line treatment for advanced squamous non-small cell lung cancer — the drug's third approved lung-cancer use. More approved uses mean more patients can be treated, supporting future sales and royalties for Akeso.
This is the period's biggest company-specific event and directly expands the commercial market for Akeso's lead drug.
Ivonescimab's US review and survival data stay on track Partner Summit Therapeutics said the FDA decision on ivonescimab for EGFR-mutant lung cancer is expected by November 14, 2026, and updated survival data showed a consistent benefit across Western and Asian patients. A US approval would open a far larger market and lift Akeso's royalty stream.
It shows the main global catalyst for Akeso's lead drug is still progressing, which underpins the stock's long-term value.
Pipeline push: bispecific ADC combined with ivonescimab Akeso began a Phase II trial of its bispecific ADC AK146D1 combined with ivonescimab in advanced lung cancer, and started a similar breast-cancer study. Early-stage trials are years from sales, but they show the pipeline can produce future growth beyond today's approved drugs.
It answers what is driving the longer-term story: new pipeline assets that could become future revenue.
Sector-wide rally and record China presence at ESMO Chinese drugmakers' oral presentations at ESMO 2026 hit a record 47, with Akeso named a leader, and a broad pharma rally followed strong earnings from WuXi AppTec, BeiGene and Innovent. A rising sector tide can lift Akeso shares even without company-specific news.
It explains the market backdrop pushing the whole sector, including Akeso, higher this period.

Gilead Sciences Inc (GILD)

Q3 20266 Jul – 22 Sep 2026

▲3▼1

Gilead Q3: HIV strength, new launches, but big writedown weighs

Q2 revenue up 10%, HIV sales up 12%, guidance raised Gilead's second-quarter revenue rose 10% to $7.8 billion, with HIV sales up 12%, and the company raised its full-year guidance. This shows the core business is growing and management is more confident about the future.
This is the main positive force behind the stock this quarter, showing stronger sales and a brighter outlook.
Four planned launches and new approvals broaden business beyond HIV Gilead is preparing four new product launches and won approvals for Bixlenvo and a Trodelvy/Keytruda combination. This diversification reduces reliance on HIV and opens new revenue streams, which supports the stock.
It shows concrete progress in expanding beyond HIV, a key part of the bull case this quarter.
Legal win protects Biktarvy; PAHO deal expands lenacapavir access Gilead won a legal case protecting its key HIV drug Biktarvy from generic competition, and signed a deal with PAHO to expand access to lenacapavir. These reduce competitive threats and open new markets, helping the stock.
These events remove a major risk and add a growth avenue, both new this quarter.
$11.2B acquired IPR&D charge causes $8.45 GAAP loss Gilead reported a GAAP loss of $8.45 per share due to an $11.2 billion charge for acquired in-process research and development. This accounting charge weighed on reported earnings, though it doesn't reflect cash flow or ongoing operations.
It is the main negative factor this quarter, explaining why reported earnings looked bad despite strong sales.

September 20265 Sep – 22 Sep 2026

▲4

Gilead's HIV franchise strengthens with legal win, access deal, and analyst backing

Fourth Circuit blocks illegal imports of Biktarvy A federal appeals court upheld an injunction stopping foreign versions of Gilead's top HIV drug Biktarvy from being sold in the U.S. This protects Gilead's U.S. sales and pricing power, supporting the stock.
This legal win directly protects Gilead's largest revenue stream and removes a competitive threat.
PAHO deal expands lenacapavir access in Latin America Gilead and the Pan American Health Organization agreed to make HIV prevention drug lenacapavir available in 14 Latin American countries. This widens the market for Gilead's prevention portfolio, though pricing terms are still unclear.
This expands Gilead's global reach for a key growth drug, but the financial impact depends on final pricing.
Morgan Stanley reaffirms Overweight on HIV prevention growth Morgan Stanley kept its buy rating on Gilead, highlighting the HIV prevention franchise. Yeztugo, a twice-yearly shot, is expected to hit $1 billion in first-year sales, with the prevention portfolio at about $4 billion annually and PrEP users more than doubling since 2022.
Analyst backing and concrete sales targets reinforce confidence in Gilead's growth trajectory.
Gilead's pipeline advances with gamgertamig and anito-cel Lakefront Biotherapeutics plans registrational trials in 2027 for gamgertamig, which Gilead will commercialize. Also, Gilead's anito-cel for multiple myeloma has an FDA decision due in December. These add future growth options beyond HIV.
Pipeline progress diversifies Gilead's revenue and offers new catalysts, though they are not yet near-term revenue.

Latest5 Sep – 22 Sep 2026

▲4

Gilead's HIV franchise strengthens with legal win, access deal, and analyst backing

Fourth Circuit blocks illegal imports of Biktarvy A federal appeals court upheld an injunction stopping foreign versions of Gilead's top HIV drug Biktarvy from being sold in the U.S. This protects Gilead's U.S. sales and pricing power, supporting the stock.
This legal win directly protects Gilead's largest revenue stream and removes a competitive threat.
PAHO deal expands lenacapavir access in Latin America Gilead and the Pan American Health Organization agreed to make HIV prevention drug lenacapavir available in 14 Latin American countries. This widens the market for Gilead's prevention portfolio, though pricing terms are still unclear.
This expands Gilead's global reach for a key growth drug, but the financial impact depends on final pricing.
Morgan Stanley reaffirms Overweight on HIV prevention growth Morgan Stanley kept its buy rating on Gilead, highlighting the HIV prevention franchise. Yeztugo, a twice-yearly shot, is expected to hit $1 billion in first-year sales, with the prevention portfolio at about $4 billion annually and PrEP users more than doubling since 2022.
Analyst backing and concrete sales targets reinforce confidence in Gilead's growth trajectory.
Gilead's pipeline advances with gamgertamig and anito-cel Lakefront Biotherapeutics plans registrational trials in 2027 for gamgertamig, which Gilead will commercialize. Also, Gilead's anito-cel for multiple myeloma has an FDA decision due in December. These add future growth options beyond HIV.
Pipeline progress diversifies Gilead's revenue and offers new catalysts, though they are not yet near-term revenue.

August 202629 Jul – 27 Aug 2026

▲3▼1

Gilead Q2 beat, HIV strength, new drug approvals, but accounting loss

Q2 earnings beat and raised guidance Gilead's second-quarter revenue rose 10% to $7.8 billion, with HIV sales up 12% and PrEP topping $1 billion. The company raised its full-year HIV growth outlook to 9–10%, signaling confidence.
This is the main positive force behind the stock, showing strong operational performance.
New HIV and cancer drug approvals The FDA approved Bixlenvo, a new single-tablet HIV regimen, and the EU expanded Trodelvy plus Keytruda for first-line triple-negative breast cancer. These expand Gilead's product lineup and market reach.
These approvals are new revenue drivers and reinforce Gilead's competitive position.
Large accounting loss from acquisitions Gilead reported a GAAP loss of $8.45 per share due to $11.2 billion in acquired IPR&D charges from Arcellx, Tubulis, and Ouro Medicines. This is an accounting charge, not an operational loss, but it weighed on reported earnings.
This explains the headline loss and why it may not reflect underlying business health.
Analyst confidence and pipeline progress BofA reiterated a Buy rating with a $162 target, and Gilead advanced its pipeline in oncology and a once-weekly oral HIV regimen. However, these pipeline gains are early and not yet near-term revenue.
Analyst support and pipeline advances support the stock, though with limited immediate impact.

15 Aug – 27 Aug 2026

▲4

Gilead's HIV engine accelerates with new drug approvals and raised guidance

HIV sales growth guidance raised to 9–10% Gilead lifted its full-year HIV sales growth outlook to 9–10% from 8%, citing a $4 billion annualized PrEP business and strong Biktarvy. Higher expected sales mean more profit, which supports a higher stock price.
This is a direct, new upgrade to the company's core revenue outlook, a key driver of the stock.
FDA approves Bixlenvo, a new single-tablet HIV regimen The FDA approved Bixlenvo, a once-daily single tablet for complex HIV cases. It is the smallest such option and the first for patients who cannot take existing single-tablet therapies, opening a new market and reinforcing Gilead's HIV leadership.
A new product approval expands the addressable market and future revenue, directly lifting growth prospects.
European Commission expands Trodelvy approval in first-line TNBC The EC approved Trodelvy plus Keytruda for first-line metastatic triple-negative breast cancer, making it the only antibody-drug conjugate plus immunotherapy combo in that setting across the EU. This widens oncology sales and diversifies revenue beyond HIV.
A major regulatory win in a new indication that boosts the oncology franchise and long-term growth.
Pipeline expands with MacroGenics option and once-weekly HIV data Gilead exercised an option on a MacroGenics bispecific cancer program, and positive Phase 3 results for a once-weekly oral HIV regimen with Merck were announced. These add future growth options, though they are early and not yet near-term revenue.
New pipeline additions signal longer-term growth potential, which can support a higher valuation.

29 Jul – 13 Aug 2026

▲3▼1

Gilead's Q2 beat and raised guidance show HIV strength, but acquisition charges hit reported EPS

Q2 revenue beat and raised full-year guidance Gilead reported Q2 revenue of $7.8 billion, up 10% and above estimates, and raised 2026 product sales guidance to $29.8–$30.1 billion. HIV sales rose 12% to $5.7 billion, with Biktarvy up 7%. This shows the core business is growing faster than expected, which supports a higher stock price.
This is the period's central event and directly explains the positive fundamental momentum behind GILD.
PrEP franchise tops $1 billion; Yeztugo persistence strong Quarterly PrEP sales doubled year-over-year to over $1 billion for the first time, led by the twice-yearly shot Yeztugo ($232 million, up 40% from Q1). Over 70% of patients stayed on Yeztugo after a year, the best among PrEP options. This growing prevention business adds a new revenue stream and reduces reliance on HIV treatment alone.
It highlights a key new growth driver that is boosting investor confidence and future sales.
Large acquisition charges push reported EPS deeply negative Gilead's Q2 GAAP EPS was a loss of $8.45, and non-GAAP EPS was a loss of $6.75, due to $11.2 billion in acquired IPR&D expenses from buying Arcellx, Tubulis, and Ouro Medicines. Excluding these one-time charges, EPS would be $8.50–$8.85. The headline loss may scare some investors, but it is an accounting effect, not a cash drain on operations.
It is the main counterweight in the period and explains why reported earnings look bad despite strong operations.
Analyst reiterates Buy; pipeline advances in oncology and HIV BofA reiterated a Buy rating and $162 price target, citing Yeztugo's persistence and raised guidance. Separately, European regulators backed Trodelvy plus Keytruda for first-line triple-negative breast cancer, and a once-weekly oral HIV regimen with Merck met its Phase 3 goals. These expand future sales opportunities.
It shows external validation and pipeline progress that support the stock's longer-term growth story.

July 20266 Jul – 24 Jul 2026

▲4

Gilead's pipeline expands with new launches and positive HIV data

Four drug launches planned to diversify beyond HIV Gilead is preparing four drug launches this year, including bulevirtide for hepatitis delta and anito-cel for multiple myeloma. This diversification reduces reliance on HIV and opens new revenue streams, supporting the stock.
This is a new strategic update that shows Gilead's growth beyond its core HIV business.
Positive Phase 3 results for once-weekly oral HIV regimen Gilead and Merck reported that a once-weekly oral HIV treatment maintained viral suppression in Phase 3 trials, with higher patient satisfaction. This could become the first once-weekly oral option, strengthening Gilead's HIV portfolio.
This is a new clinical milestone that could lead to a new product and boost future sales.
CHMP recommends Trodelvy plus Keytruda for first-line TNBC The European regulator recommended Trodelvy combined with Keytruda for first-line metastatic triple-negative breast cancer. This expands Trodelvy's use and reinforces its role, potentially increasing sales in Europe.
This is a new regulatory step that could lead to approval and broader use of a key drug.
Remdesivir evaluated in Ebola trial The WHO began an experimental Ebola trial in Congo, testing Gilead's remdesivir. If effective, it could expand remdesivir's use and demand, though the impact is uncertain and likely small.
This is a new potential use for an existing drug, but the financial impact is not yet clear.

6 Jul – 24 Jul 2026

▲4

Gilead's pipeline expands with new launches and positive HIV data

Four drug launches planned to diversify beyond HIV Gilead is preparing four drug launches this year, including bulevirtide for hepatitis delta and anito-cel for multiple myeloma. This diversification reduces reliance on HIV and opens new revenue streams, supporting the stock.
This is a new strategic update that shows Gilead's growth beyond its core HIV business.
Positive Phase 3 results for once-weekly oral HIV regimen Gilead and Merck reported that a once-weekly oral HIV treatment maintained viral suppression in Phase 3 trials, with higher patient satisfaction. This could become the first once-weekly oral option, strengthening Gilead's HIV portfolio.
This is a new clinical milestone that could lead to a new product and boost future sales.
CHMP recommends Trodelvy plus Keytruda for first-line TNBC The European regulator recommended Trodelvy combined with Keytruda for first-line metastatic triple-negative breast cancer. This expands Trodelvy's use and reinforces its role, potentially increasing sales in Europe.
This is a new regulatory step that could lead to approval and broader use of a key drug.
Remdesivir evaluated in Ebola trial The WHO began an experimental Ebola trial in Congo, testing Gilead's remdesivir. If effective, it could expand remdesivir's use and demand, though the impact is uncertain and likely small.
This is a new potential use for an existing drug, but the financial impact is not yet clear.

Q2 202617 Jun – 26 Jun 2026

▲3▼1

Gilead's Trodelvy and HIV pipeline win key approvals, but earnings guidance weighs

FDA and EU approve Trodelvy for first-line triple-negative breast cancer Gilead won U.S. and European approval to use Trodelvy as an initial treatment for metastatic triple-negative breast cancer, a hard-to-treat disease. This opens a much larger patient group and could significantly boost sales, pushing the stock up.
This is a major new approval that expands the market for a key drug, directly lifting future revenue prospects.
FDA accepts filing for once-weekly oral HIV prevention pill The FDA agreed to review Gilead's once-weekly oral PrEP, with a decision expected by February 2027. If approved, it would offer a more convenient option than the current twice-yearly injection, potentially growing the HIV prevention market and lifting GILD.
This regulatory milestone advances a new HIV prevention product, expanding Gilead's HIV franchise.
Positive Phase 3 data for once-weekly oral HIV treatment with Merck Gilead and Merck reported positive late-stage results for a once-weekly oral HIV treatment combining islatravir and lenacapavir. This could simplify HIV therapy and strengthen Gilead's HIV portfolio, supporting the stock.
New clinical success in HIV treatment adds a potential future revenue stream and reinforces Gilead's leadership.
Full-year EPS guidance misses despite revenue beat Gilead's Q1 revenue beat expectations, but its full-year earnings-per-share guidance missed significantly. This suggests cost pressures or lower profitability ahead, which can weigh on the stock even as sales grow.
This is a new negative financial disclosure that could cap upside from the positive pipeline news.

June 202617 Jun – 26 Jun 2026

▲3▼1

Gilead's Trodelvy and HIV pipeline win key approvals, but earnings guidance weighs

FDA and EU approve Trodelvy for first-line triple-negative breast cancer Gilead won U.S. and European approval to use Trodelvy as an initial treatment for metastatic triple-negative breast cancer, a hard-to-treat disease. This opens a much larger patient group and could significantly boost sales, pushing the stock up.
This is a major new approval that expands the market for a key drug, directly lifting future revenue prospects.
FDA accepts filing for once-weekly oral HIV prevention pill The FDA agreed to review Gilead's once-weekly oral PrEP, with a decision expected by February 2027. If approved, it would offer a more convenient option than the current twice-yearly injection, potentially growing the HIV prevention market and lifting GILD.
This regulatory milestone advances a new HIV prevention product, expanding Gilead's HIV franchise.
Positive Phase 3 data for once-weekly oral HIV treatment with Merck Gilead and Merck reported positive late-stage results for a once-weekly oral HIV treatment combining islatravir and lenacapavir. This could simplify HIV therapy and strengthen Gilead's HIV portfolio, supporting the stock.
New clinical success in HIV treatment adds a potential future revenue stream and reinforces Gilead's leadership.
Full-year EPS guidance misses despite revenue beat Gilead's Q1 revenue beat expectations, but its full-year earnings-per-share guidance missed significantly. This suggests cost pressures or lower profitability ahead, which can weigh on the stock even as sales grow.
This is a new negative financial disclosure that could cap upside from the positive pipeline news.

17 Jun – 26 Jun 2026

▲3▼1

Gilead's Trodelvy and HIV pipeline win key approvals, but earnings guidance weighs

FDA and EU approve Trodelvy for first-line triple-negative breast cancer Gilead won U.S. and European approval to use Trodelvy as an initial treatment for metastatic triple-negative breast cancer, a hard-to-treat disease. This opens a much larger patient group and could significantly boost sales, pushing the stock up.
This is a major new approval that expands the market for a key drug, directly lifting future revenue prospects.
FDA accepts filing for once-weekly oral HIV prevention pill The FDA agreed to review Gilead's once-weekly oral PrEP, with a decision expected by February 2027. If approved, it would offer a more convenient option than the current twice-yearly injection, potentially growing the HIV prevention market and lifting GILD.
This regulatory milestone advances a new HIV prevention product, expanding Gilead's HIV franchise.
Positive Phase 3 data for once-weekly oral HIV treatment with Merck Gilead and Merck reported positive late-stage results for a once-weekly oral HIV treatment combining islatravir and lenacapavir. This could simplify HIV therapy and strengthen Gilead's HIV portfolio, supporting the stock.
New clinical success in HIV treatment adds a potential future revenue stream and reinforces Gilead's leadership.
Full-year EPS guidance misses despite revenue beat Gilead's Q1 revenue beat expectations, but its full-year earnings-per-share guidance missed significantly. This suggests cost pressures or lower profitability ahead, which can weigh on the stock even as sales grow.
This is a new negative financial disclosure that could cap upside from the positive pipeline news.