Gilead's Q1 Results Show Just How Much the Biotech Is Relying on Its COVID Drug

It might seem as if Wall Street has given up on Gilead Sciences (NASDAQ:GILD). Its shares have fallen more than 25% from the highs set last year, when investors were excited about the prospects for remdesivir in treating COVID-19.

Don't expect things to change for the better now that Gilead has announced its first-quarter results, on Thursday following the market close. The biotech stock slid nearly 3% lower in after-hours trading. Here are the highlights from Gilead's Q1 update.