UPDATE: Goldman Sachs Starts Gilead Sciences (GILD) at Neutral

Goldman Sachs analyst Salveen Richter initiates coverage on Gilead Sciences (NASDAQ: GILD) with a Neutral rating and a price target of $80.00.

The analyst comments "We initiate coverage of Gilead Sciences (GILD) with a Neutral rating and a 12-month price target of $80. GILD is focused on virology (primarily HIV, which represents ~70% of 2021E revenue) and more recently oncology, where the pipeline has been constructed through M&A and collaborations. While GILD is likely to remain the dominant player in HIV with blockbuster Biktarvy (GSe peak sales $13bn), we model for declining sales for the franchise in 2025+ due to loss of exclusivity, albeit long-acting agents could represent upside. Notwithstanding, investor focus is on Trodelvy (Trop-2 antibody-drug conjugate (ADC)) into Ph3 data in HR+/HER2- metastatic breast cancer (GSe peak sales $2.9bn) in late-January/early-February, where per our KOL discussions, the bar for success is at least a 2-month additional benefit in PFS compared to chemotherapy (where PFS is ~3-4 months). Overall, while we are optimistic on GILD's ongoing transformation into a more diversified biopharma, we remain on the sidelines as we await further evidence of clinical execution."

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 $69.56 yesterday.

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