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Gilead Sciences Inc GILD

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Maintaining Our $81 FVE for Gilead Following Weaker First Quarter as Pipeline Accelerates

Karen Andersen, CFA Sector Strategist

Analyst Note

| Karen Andersen, CFA |

We're maintaining our $81 per share fair value estimate for Gilead following first-quarter results that came in slightly below our expectations, as pandemic-related headwinds have had a longer impact on demand for Gilead's drugs than we had anticipated. That said, Gilead is also in the process of launching novel cancer drug Trodelvy, and we've raised our long-term estimates for sales of the drug with recent expanded approval. Gilead is expecting key oncology data for Trodelvy (in new indications) and multiple other programs later this year that could begin to provide more support for long-term growth beyond HIV, which would further bolster the wide moat that Gilead has built with its infectious disease portfolio. We continue to see shares as undervalued at recent prices.

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Company Profile

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
Sector Healthcare
Industry Drug Manufacturers - General
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 13,600