On August 5, Gilead Sciences declined 3.03% in regular trading, trading at $130.87/share, with turnover of $527 million. The selloff followed the company's Q2 earnings release after market close on August 4.

Gilead reported Q2 revenue of $7.80 billion, up 10% year-over-year and above the $7.4 billion consensus estimate. Adjusted EPS came in at a loss of $6.75, better than the expected loss of $7.24. However, the company swung from a profit of $2.01 per share a year ago to a significant loss, driven by $9.08 per share in intellectual property R&D and tax charges related to recent acquisitions. Additionally, COVID-19 treatment Veklury saw sales plunge 81% to $23 million, prompting management to slash full-year Veklury guidance from approximately $600 million to $300 million. Executives also noted that the cancellation of ACA tax subsidies caused some patients to lose insurance coverage, softening the HIV treatment market in Q2. The company raised full-year HIV growth guidance to 9%-10% from 8%, and narrowed its full-year adjusted loss forecast to $0.30-$0.65 per share versus the prior range of $0.65-$1.05.

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