Top 5 Gainers on Wednesday

3. Gilead Sciences, Inc. (NASDAQ:GILD)

Number of Hedge Fund Holders: 68

Gilead Sciences, Inc. (NASDAQ:GILD) beat financial expectations for the second quarter and raised its sales outlook for 2022. As a result, its shares jumped to a nearly two-month high after the opening bell today.

The California-based biopharmaceutical giant reported adjusted earnings of $1.58 per share, beating the consensus of $1.53 per share. Revenue came in at $6.26 billion, while analysts were expecting Gilead Sciences, Inc. (NASDAQ:GILD) to post revenue of $5.86 billion.

Gilead Sciences, Inc. (NASDAQ:GILD) also disclosed the sales performance of its flagship segments and drugs. HIV product revenue rose 7 percent to $4.2 billion, while HCV product sales jumped 18 percent to $448 million in the quarter. On the downside, Veklury sales plummeted 46 percent to $445 million.

For fiscal 2022, Gilead Sciences, Inc. (NASDAQ:GILD) now expects revenue in the range of $24.5 – $25 billion, up from its earlier outlook of $23.8 – $24.3 billion.

Discussing the results, CEO Daniel O’Day said:

“This was a very strong quarter for Gilead, with solid commercial and clinical execution. Excluding Veklury, product sales grew 7% year-over-year. There was continued strong demand for our HIV portfolio with further share growth for Biktarvy, and oncology revenues reached an all-time high, driven by cell therapy and Trodelvy.”