Even as dealmaking costs drove Gilead Sciences to a second-quarter loss, the company delivered double-digit revenue growth on the back of its market-leading HIV franchise.

Total revenue jumped 10% to $7.8 billion in the second quarter, beating analysts' calls for $7.4 billion. Strength was largely driven by Gilead's portfolio of HIV drugs, which continues to dominate its top line. Total sales for the portfolio rose 12% to $5.7 billion.

However, heavy acquisition costs and research write-downs pushed Gilead to an adjusted loss of $6.75 per share this quarter, compared with positive earnings of $2.01 last year.

The drugmaker updated its full-year sales forecast from May, slightly raising the floor to between $30.1 billion and $30.4 billion. Analysts were targeting the top end of the range. Excluding contributions from Covid-19 drug Veklury, Gilead expects base sales of $29.8 billion to $30.1 billion for the year, representing roughly 6% to 7% sales growth.

While the full-year outlook is conservative relative to Street estimates, Gilead remains optimistic about its HIV portfolio. The company now projects full-year HIV sales growth of 9% to 10%, up from its prior 8% target.

Biktarvy sales jumped 7% in the second quarter alone to $3.8 billion, while sales tied to Gilead's prophylactic medicines -- a category known as PrEP -- surpassed $1 billion for the first time. Within PrEP, twice-yearly injection Yeztugo logged $232 million in sales.

Gilead said Tuesday that it remains confident Yeztugo will reach $1 billion in sales for the full year, citing the drug's strong traction among patients.

While industry peers like Merck are bracing for significant patent cliffs in the coming years, Gilead is effectively protected until 2036, when key protections for Biktarvy begin to expire. The company has struck agreements with generic drugmakers to keep competing products off the market until then.

But Gilead is already working to diversify away from its core focus in HIV, and has made inroads in oncology through a series of targeted acquisitions over the past decade. Revenue tied to Trodelvy, a treatment for certain types of breast cancer, surged 26% to $457 million in the second quarter.

Other product categories show promise, too. Though still a fraction of Gilead's overall portfolio, liver disease sales grew 10% year over year, driven by Livdelzi, which more than doubled sales to $167 million.

The biggest catalysts for the stock will come later this year. Regulators are slated to decide whether to approve Bictegravir plus lenacapavir, an investigational daily oral treatment for HIV, by Aug. 27.

A separate decision is expected on anito-cel, a treatment for multiple myeloma, by Dec. 23. Gilead took full ownership of the asset through the acquisition of its original developer, Arcellx, earlier this year.