U.S. HCV Demand Drives Gilead’s 2Q; Shares Slightly Undervalued Ahead of New HCV Competition
Gilead raised its guidance for 2017 on stronger-than-expected HCV treatment rates in the U.S. in the first half of the year, and we have slightly boosted our HCV revenue forecast for the full year to roughly $9 billion (at the midpoint of the updated guidance). However, this isn’t enough to significantly change our $84 fair value estimate, and we still see Gilead shares as slightly undervalued. With AbbVie poised to launch a very competitive HCV regimen this fall, and Glaxo’s two-drug HIV regime...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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