Gilead Sciences Inc. News:
Gilead Sciences Inc is a leading biopharmaceutical company that has been at the forefront of developing innovative treatments for various diseases. The company’s portfolio of medicines includes treatments for HIV, hepatitis B and C, oncology, and more recently, COVID-19. However, the company’s first-quarter results for 2023 were lower than expected due to declining sales of its COVID-19 antiviral Veklury, which caused its shares to fall.
The company’s first-quarter profit was $1.37 per share, excluding items, compared to analysts’ expectations of $1.54 per share. This decline in profit was due to the decline in sales of Veklury, Gilead’s antiviral drug used in the treatment of COVID-19. Sales of Veklury declined more than anticipated, contributing to the lower-than-expected profits. This decline in Veklury sales is likely due to the ongoing rollout of vaccines, which has reduced the demand for COVID-19 treatments.
Despite the decline in Veklury sales, Gilead’s HIV portfolio performed well, with sales rising 13% to $4.19 billion. Biktarvy, a leading HIV treatment in Gilead’s portfolio, brought in $2.7 billion, exceeding Wall Street estimates of $2.53 billion. This growth in sales was driven by strong demand for Biktarvy in both the US and international markets.
Gilead left its full-year adjusted earnings forecast unchanged at $6.60 to $7.00 per share, indicating confidence in the company’s ability to perform well in the coming quarters. Gilead’s pipeline of drugs in development includes treatments for hepatitis B and C, oncology, and HIV. The company has also been exploring potential treatments for COVID-19, including its oral antiviral drug candidate, which is currently in clinical trials.
Gilead Sciences Inc Stock Forecast:
The average analyst target price for Gilead Sciences Inc (GILD:NSD) stock over the next 12 months is USD 85.94 and the average analyst rating is Buy. However, Stock Target Advisor‘s own analysis of the stock is Neutral, based on 7 positive signals and 7 negative signals. The stock price at the last closing was USD 83.55, with a change of -1.35% over the past week, +4.99% over the past month, and +35.66% over the last year.
Analysts Coverage Change:
Piper Jaffray Co. (RANK #16) resumes coverage of Gilead Sciences Inc. with an “Overweight” rating and a price target of $105 on the company’s stock.
