Gilead Sciences

Gilead taps Roche pharma exec as new CEO

Gilead Sciences logo on a cell phone screen.
Gilead is known for making hepatitis C and HIV medicines. Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Gilead Sciences has named Daniel O'Day, the chief of Roche's pharmaceuticals unit, as its new CEO, effective March 1.

Why it matters: Gilead is one of the largest and most profitable drug manufacturers on the planet, known for its hepatitis C and HIV medicines. O'Day will lead a company that has had falling sales of its hepatitis drugs and is investing more in new, expensive gene therapies.

Health care's Q3 earnings bonanza

This week will feature 26 major health care companies, including Centene, Gilead and Merck, showering investors with third-quarter profits and initial outlooks for 2019.

The bottom line: Based on the first week of the Q3 earnings season, the health care industry is raking in record profits and is more powerful than ever. The first seven health care companies to report — which include giants like UnitedHealth Group, Johnson & Johnson, Walgreens and Novartis — took home $11.8 billion of profit combined. That’s 10% higher than the same period a year ago.

More stories loading.