Gilead Sciences (GILD) PT Raised to $140 at BofA Securities

BofA Securities analyst Tim Anderson raised the price target on Gilead Sciences (NASDAQ: GILD) to $140.00 (from $126.00) while maintaining a Buy rating.

The analyst comments "Gilead Sciences (GILD) 2Q results (see Exhibit 1) were good overall with Biktarvy and Descovy beating consensus, but slightly below our above-consensus estimates. Total sales of $7.1B fell between us and consensus (+1% consensus/-2% BofAe), as did EPS of $1.97 (+2% consensus, -3% BofAe), even with Veklury (COVID) falling short. Guidance raised due to HIV, despite lowering Veklury sales by $400M (-29%). Confirms our investment thesis: GILD is a beat and raise story, on HIV, with anchor brand Biktarvy playing a pivotal role (incremental operating margin is likely as high as any ever gets). Our revenue and EPS changes for 2025/2026E are modestly lower by 2- 3%, while our later 20’s forecasts are lower by ~1%. We are still above consensus, as well as guidance for 2025. The biggest driver of these changes is lower Veklury (which stopped being a growth driver a while ago). Our new $140 PO is 15x P/E on our underlying 2026E EPS (prior PO $126, 15x on underlying 2025E EPS)."

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