- Thursday, Gilead Sciences Inc GILD reported Q3 revenue decreased 5% Y/Y to $7.04 billion, which beat average analyst estimates of $6.12 billion. The company reported quarterly earnings of $1.90 per share, which beat average estimates of $1.48 per share.
- Gilead increased its full-year product sales outlook to $25.9-$26.2 billion. The company also raised FY EPS guidance from $2.90-$3.30 to $3.35-$3.55.
- Truist raised the price target for GILD from $76 to $91 with the rating upgraded from Hold to Buy, saying expectations exceeded with differentiated oncology asset.
- The analyst says that Arcus Biosciences Inc RCUS/GILD triplet will work in oncology. It sees continuous cash flow from its COVID drug, Veklury. Truist also notes improved gross margin with growth from Biktarvy and Descovy in the near term.
- RBC Capital Markets says the strong quarter was driven by demand, not just Veklury, showcasing the potential of the company's core HIV and oncology businesses.
- RBC raised the price target from $79 to $82 with an Outperform rating.
- Raymond James notes that Gilead's HIV business remains strong, driven mainly by increased demand and favorable pricing dynamics for Biktarvy. Management estimates Biktarvy is capturing nearly half of the U.S. HIV market, and the overall market will continue growing by ~2% annually in U.S. and EU.
- Needham awaits further maturation of the oncology/cell therapy pipeline. Maintain HOLD.
- Price Action: GILD shares are up 8.90% at $76.46 on the last check Friday.
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