Limited visibility on sustainable growth
With HCV volumes, pricing and share pressure continuing, it remains difficult to look through these headwinds toward a period of sustained growth, despite the launch of B/F/TAF in HIV and the multi-$b potential of Yescarta. Consequently, our revised FY17-22 revenue CAGR remains -5% and EPS -6% (although flat from FY20). Based on tax benefits, we revise up our DCF price target to $71 from $65. 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.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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