Shares of Gilead Sciences Inc. GILD, +1.64% dropped in Wednesday’s extended session after the drugmaker announced the resignation of its chief executive even though it posted stronger-than-expected quarterly results. Gilead reported its second-quarter net income fell to $1.82 billion, or $1.39 a share from $3.07 billion, or $2.33 a share, a year earlier. On an adjusted basis, it earned $1.91 a share. Revenue declined to $5.65 billion from $7.14 billion. Analysts polled by FactSet had projected earnings of $1.56 a share on revenue of $5.2 billion. The pharmaceutical company also said John Milligan is resigning as president and CEO but will remain with the company until the end of the year as the board of directors searches for his successor. Gilead shares slid 1.6% after hours.
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