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Gilead Sciences Inc GILD Stock Quote

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Gilead's Strong Q3 Bodes Well for Oncology and HIV Growth; Maintaining Our $77 Fair Value Estimate

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We’re maintaining our $77 fair value estimate for Gilead Sciences following strong third-quarter results that displayed the strength of the company's dominant HIV regimen Biktarvy as well as oncology therapies Yescarta and Trodelvy. Sales in the quarter were well ahead of our expectations, mostly due to continuing strong sales of COVID-19 drug Veklury (well below peak sales but still $925 million), but also due to Biktarvy’s solid U.S. sales (nearly $2.3 billion in the quarter). While we’ve slightly raised our near-term Veklury outlook and long-term Biktarvy sales forecast, this wasn’t significant enough to alter our valuation. That said, we think the quarter's strong performance shows the potential for Gilead’s oncology franchise to grow and diversify, supporting the firm’s already established wide moat in infectious diseases.

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Key Statistics GILD

Company Profile GILD

Business Description

Gilead Sciences develops and markets therapies to treat life-threatening infectious diseases, with the core of its portfolio focused on HIV and hepatitis B and C. The acquisitions of Corus Pharma, Myogen, CV Therapeutics, Arresto Biosciences, and Calistoga have broadened this focus to include pulmonary and cardiovascular diseases and cancer. Gilead's acquisition of Pharmasset brought rights to hepatitis C drug Sovaldi, which is also part of combination drug Harvoni, and the Kite, Forty Seven, and Immunomedics acquisitions boost Gilead's exposure to cell therapy and noncell therapy in oncology.

333 Lakeside Drive
Foster, CA, 94404
T +1 650 574-3000
Industry Drug Manufacturers - General
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2021
Employees 14,400

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