Gilead Sciences shares rose sharply in after-hours trading on Wednesday after the company reported second quarter results which surpassed analyst forecasts. The biotech company posted profits of $2.23 a share, far higher than the $1.79 analysts had been expecting. Revenue came in at $6.53 billion, that was also better than estimates. Gilead reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago because of its Sovaldi sales. Sovaldi helps cure Hepatitis C in people with HIV. It was prescribed to over 800,000 patients since its launch in December, generating almost half of the company’s sales. The Street's Kathryn Mykleseth reports from New York.

If you liked this article you might like

Stock Market Drop Not Seen Dampening Healthcare Deal Activity

Stock Market Drop Not Seen Dampening Healthcare Deal Activity

Why Investors Shouldn't Worry About Trump's Tough Talk on Drug Prices

Why Investors Shouldn't Worry About Trump's Tough Talk on Drug Prices

Centene, LabCorp Among Healthcare Stock Gainers

Centene, LabCorp Among Healthcare Stock Gainers

A Regular Winning Trade Becomes Roadkill in Market Meltdown

A Regular Winning Trade Becomes Roadkill in Market Meltdown

These 2 Biotech Stocks Still Have Upside

These 2 Biotech Stocks Still Have Upside