BofA reiterates Buy on Gilead as Yeztugo persistence tops 70%

Earnings

โดย TheStreet·

Summary · why it matters

Bank of America reiterated its Buy rating and $162 price target on Gilead Sciences after the company reported second-quarter product sales of $7.6 billion and raised its full-year product sales guidance to $29.8 billion to $30.1 billion. The bank highlighted that more than 70% of patients remained on Gilead's twice-yearly HIV prevention shot Yeztugo roughly a year after launch, the highest persistence rate across available PrEP options. Yeztugo posted quarterly sales of $232 million, up 40% from the prior quarter, helping Gilead's total PrEP franchise top $1 billion in quarterly sales for the first time. Gilead also raised its HIV franchise growth forecast to 9% to 10% for the year and pointed to momentum in liver and oncology drugs, including a 26% year-over-year increase in Trodelvy sales to $457 million. The stock trades near $135, up more than 6% year to date but below its 52-week high of $157.27.

Gilead Sciences Inc ▲