Gilead Sciences (GILD): Cutting Numbers Slightly on Slower Switching - Leerink
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Leerink Partners analyst, Geoffrey Porges, reiterated his Outperform rating on shares of Gilead Sciences (NASDAQ: GILD) but cut the price target to $112.00 from $114.00. The analyst underestimated the company’s US volume growth but also overestimated the rate of switching from legacy products onto new TAF-based regimens. As a result of the updates, the analyst now forecasts a slightly lower Revenue/TRx trend due to slower-than-expected switching to TAF based regimens from legacy combinations.
The analyst is expecting Gilead’s HIV products to generate WW sales of $20.5bn in 2021E vs. the previous forecast of $22.6bn.
Shares of Gilead Sciences closed at $81.47 yesterday.
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