Gilead Sciences (GILD) Numbers Raised after Solid Qtr - Needham & Company

July 26, 2013 8:12 AM EDT Send to a Friend
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Price: $110.71 +3.29%

Rating Summary:
    23 Buy, 5 Hold, 0 Sell

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    Up: 24 | Down: 28 | New: 14
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Needham & Company raised estimates and its price target on Gilead Sciences (NASDAQ: GILD) from $62 to $70 following Q2 earnings.

Analyst Alan Carr comments, "Gilead announced 2Q13 financial results yesterday. Total revenues were $2.77B, just above our $2.69B and consensus $2.66B estimates. Non-GAAP EPS was $0.50, in-line with our $0.49 and consensus $0.50 estimates. Atripla and Truvada sales were stronger than expected due in part to a rebound in stocking. This was offset by less than expected Stribild sales, which was impacted by wholesaler destocking. Management reiterated 2013 guidance but indicated that antiviral product sales may moderate in 2H13 due in part to federal sequestration. Key upcoming events include the sofosbuvir AdCom (10/24) and PDUFA date (12/8). We expect a favorable outcome for both. We reiterate our BUY rating and are raising our price target to $70 (was $62), which is 26x our 2014 $2.68 non-GAAP EPS estimate."

The firm raised FY 2013 EPS from $1.91 to $1.96 and FY 2014 EPS from $2.37 to $2.68.

For an analyst ratings summary and ratings history on Gilead Sciences click here. For more ratings news on Gilead Sciences click here.

Shares of Gilead Sciences closed at $60.86 yesterday.


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