On July 29, Gilead Sciences rose 3.46% overnight, trading at $138.97/share, with turnover of $11,900. The move came amid warming sentiment ahead of the company's Q2 earnings release scheduled for August 4 after market close, with consensus estimates projecting 6.13% year-over-year revenue growth and a FactSet mean analyst target price of $159.04.

On the catalyst front, the European Medicines Agency's CHMP on July 24 recommended marketing authorization for Trodelvy in combination with Merck's Keytruda for PD-L1-positive first-line metastatic triple-negative breast cancer, building on the FDA's earlier approval of Trodelvy's first-line indication in June. These regulatory milestones reinforce volume ramp expectations for the oncology franchise. Additionally, the FDA accepted a supplemental new drug application for once-weekly oral lenacapavir for HIV prevention, with a PDUFA date of February 2027, supporting continued pipeline momentum.

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