Gilead's HIV Dominance Underpins Wide Moat, With Potential Growth in Oncology and Immunology
Gilead's 2018 sales were in line with our estimates, and bottom-line performance was relatively in line with our estimates, after excluding a one-time excess inventory charge for older HCV therapy Harvoni on the cost of sales line that was recorded in the fourth quarter. However, with two generics launching (pulmonary arterial hypertension drug Letairis and angina drug Ranexa), continued hepatitis C pressure, and a relatively early growth trajectory for CAR-T therapy Yescarta, we think Gilead's ...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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