HIV Drugmaker Gilead Reports Strongest Quarterly Performance Of 2024, Analysts Boost Price Target On Raised Outlook
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Gilead Sciences Inc (NASDAQ:GILD) stock is trading higher on Thursday after the company reported better-than-expected third-quarter financial results and raised its fiscal year 2024 guidance.
On Wednesday after market, Gilead reported third-quarter adjusted EPS of $2.02, down from $2.29 a year ago, beating the consensus of $1.55.
The HIV drug maker reported sales of $7.55 billion, up 7% year over year, beating the consensus of $7 billion, primarily due to higher sales in HIV and Veklury (remdesivir), Oncology and Liver Disease.
HIV product sales increased 9% to $5.1 billion, with Biktarvy sales increased 13% to $3.5 billion. Descovy sales jumped 15% to $586 million.
The Liver Disease portfolio sales increased 4% to $733 million. Veklury sales increased 9% to $692 million.
“Gilead’s third-quarter results are the strongest of the year to date, with 7% year-over-year revenue growth, including 13% year-over-year growth for Biktarvy,” said Daniel O’Day, Chairman and CEO.
Guidance: Gilead Sciences raised its fiscal year 2024 adjusted EPS guidance from $3.60 – $3.90 to $4.25 – $4.45 compared to the consensus of $3.81.
The company expects 2024 product sales of $27.8 billion – $28.1 billion compared to prior guidance of $27.1 billion – $27.5 billion.
Analysts’ reaction:
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Piper Sandler maintains Gilead Sciences with an Overweight, raising the price target from $95 to $105.
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Barclays reaffirms Gilead with an Equal-Weight rating while boosting the price target from $84 to $95.
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Wells Fargo maintains Gilead with an Overweight rating, raising the price target from $100 to $105.
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Cantor Fitzgerald reiterates Gilead with a Neutral rating, increasing the price target from $70 to $80.
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Goldman Sachs maintains Gilead’s Neutral rating, lifting the price target from $74 to $84.
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RBC Capital maintains Gilead’s Sector Perform rating and boosts the price target from $75 to $81.
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JP Morgan maintains Gilead with an Overweight rating, raising the price target from $100 to $105.
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Baird maintains Gilead’s Neutral rating, increasing the price target from $80 to $95.
Price Action: GILD stock is up 5.94% at $97.14 at last check Thursday.
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Latest Ratings for GILD
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Mar 2022 | Barclays | Maintains | Underweight | |
| Mar 2022 | RBC Capital | Maintains | Outperform | |
| Feb 2022 | BMO Capital | Downgrades | Outperform | Market Perform |
View More Analyst Ratings for GILD