Gilead Sciences' (GILD) Veklury Approved for Non-Hospitalized COVID - Piper Sandler

Piper Sandler analyst Do Kim reiterated an Neutral rating and $77.00 price target on Gilead Sciences (NASDAQ: GILD) after the FDA expanded Veklury approval to non-hospitalized high-risk COVID-19 patients.

The analyst stated "in addition to broadening the pediatric EUA to include non-hospitalized children under 12 years of age. This follows the U.S. pause in distribution of COVID-19 antibodies due to limited effectiveness against omicron. While Veklury can now treat these patients in qualified outpatient settings, we believe the convenience of the new oral COVID-19 therapies, versus Veklury's 3-day IV course, will limit adoption in non-hospitalized patients. However, we are increasing our near-term Veklury estimates, as omicron has dramatically increased COVID-19 infections and to a lesser degree, hospitalizations. We expect Veklury to beat 2021 guidance, but omicron should have a negligible impact longer term, given its pattern of rapid decline after peak infections. We expect Trodelvy TROPiCS-02 data in February 2022 to be the next key catalyst".

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 $68.51 yesterday.

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