Gilead Sciences (GILD) stock surged 5.24% in pre-market trading on Friday, following the company's announcement of its second-quarter earnings and an upward revision of its full-year financial outlook. The biotechnology giant's positive momentum is primarily attributed to better-than-expected sales of its HIV drugs and the promising launch of its new HIV prevention shot.

While Gilead reported flat second-quarter earnings, the company raised its full-year financial guidance, citing stronger-than-anticipated performance in its HIV drug portfolio. CEO Daniel O'Day expressed optimism about the recent launch of Yeztugo, a twice-yearly HIV prevention drug approved by U.S. regulators in June. In an interview with Barron's, O'Day stated that the company is "very happy with the launch so far," indicating a strong start for this innovative treatment option.

The market's positive reaction to Gilead's report is further reinforced by several analyst upgrades. Multiple firms, including Morgan Stanley, JP Morgan, and TD Cowen, have raised their price targets for Gilead stock. This wave of optimism from Wall Street underscores the strength of Gilead's current position and future prospects, particularly in its core HIV business. As the company continues to innovate and expand its product lineup, investors appear increasingly confident in Gilead's ability to drive growth and maintain its leadership in the HIV treatment and prevention market.