What happened

Shares of Gilead Sciences (GILD -0.83%) are jumping today, up by 6.5% as of 11:23 a.m. ET. The gain came after the big biotech announced its second-quarter results following the market close on Tuesday.

Gilead reported Q2 revenue of $6.3 billion, up 1% year over year and better than what Wall Street expected. The company posted adjusted earnings of $1.58 per share. While this reflected a 13% year-over-year decline, it was higher than the consensus estimate of $1.51 per share. 

The company also raised its full-year guidance. Gilead now expects total product sales in 2022 will be between $24.5 billion and $25 billion. It previously forecast sales in the range of $23.8 billion to $24.3 billion. In addition, Gilead now looks for adjusted earnings per share between $6.35 and $6.75, up from its previous guidance of $6.20 to $6.70.

So what

2022 hasn't been great for Gilead so far. The biotech stock was down 18% year to date before today's gain.

But did Gilead's Q2 update reflect a significant turning point? Not really. Even the upper end of its revenue and earnings guidance ranges are lower than the company's results in 2021. 

Gilead does have some bright spots. Sales for HIV drug Biktarvy, breast cancer drug Trodelvy, and cancer cell therapies Yescarta and Tecartus soared in Q2. However, most of the company's other products didn't fare so well -- especially COVID-19 drug Veklury, which experienced a 46% year-over-year sales decline.

Now what

Gilead has several potential catalysts in the coming months. The company hopes to win U.S. approval for HIV therapy lenacapavir before year-end. It also expects to report interim results from a late-stage study evaluating magrolimab in treating myelodysplastic syndromes by early 2023.