Gilead Returns to Growth in 1Q, at Least Temporarily; Shares Incorporate Bearish Pipeline View
We're maintaining our $78 per share fair value estimate for Gilead following solid first-quarter results and an encouraging first earnings call with new CEO Daniel O'Day. Overall, we expect Gilead to focus on defending its HIV franchise, allowing Kite to innovate as a separate, oncology cell therapy business unit, maximizing a potential launch of immunology drug filgotinib in 2020 and partnering in NASH to continue to test new combination regimens. Total revenue grew 4% in the first quarter, the...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.
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