Gilead Tumbles After An Unpredictable Element Drove Its Third-Quarter Beat

Investors hammered GILD stock on Wednesday after Gilead Sciences (GILD) beat third-quarter expectations on the back of its Covid treatment, Veklury.

Veklury sales tumbled 31% to $636 million. But analysts polled by FactSet projected just $323.5 million in sales. RBC Capital Markets analyst Brian Abrahams noted Gilead raised its full-year outlook, but that's largely due to the unexpected boost from Veklury.