Filgotinib RA data an incremental positive
FIrst Phase III data filgotinib in RA patients looks solid and while not necessarily significantly differentiated on efficacy, the safety profile could be an advantage vs other JAK inhibitors in development. We await further clinical updates including Ph III RA and Crohn's data in 2019 as well the MANTA trial looking at potential filgotinib toxicity in males. We revise up probability of success in RA to 80% and increase peak sales estimate to $2.1b from $1.7b and increase our DCF-derived target price to $71 from $69. Maintain Neutral.Gilead Sciences is a research-based biopharmaceutical company that discovers, develops and commercializes medicines. The company's primary areas of focus include viral diseases, inflammatory and fibrotic diseases and oncology. The company's products include: Biktarvy for the treatment of HIV-1 infection in certain patients; Vosevi?, a single tablet regimen of sofosbuvir, velpatasvir and voxilaprevir for the re-treatment of chronic hepatitis C virus infection in adults; Vemlidy? for the treatment of chronic hepatitis B virus infection in adults with compensated liver disease; and Yescarta (axicabtagene ciloleucel) for the treatment of adult patients with relapsed or refractory large B-cell lymphoma.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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