Our Lower Gilead FVE Still Implies Significant Underappreciation of HIV and Pipeline Potential
Gilead’s third-quarter product sales declined 10% as strong HIV performance wasn’t enough to outweigh hepatitis C sales pressure. Similarly, on the bottom line, share repurchases weren’t sufficient to counter the firm’s rising tax rate and falling operating margin (as HCV shrinks as a portion of sales). While management maintained full-year guidance, we’re adjusting our long-term operating margin and tax rate assumptions, and removing pipeline candidate simtuzumab (which failed in recent liver d...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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