Needham & Company Reiterates a 'Buy' on Gilead Sciences (GILD); 2Q11 Results Slightly Above Expectations; Upcoming 3Q11 Milestones in HIV are Key
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Price: $138.36 --0%
Rating Summary:
36 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 11 | New: 17
Rating Summary:
36 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 11 | New: 17
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Needham & Company reiterates a 'Buy' on Gilead Sciences (NASDAQ: GILD) price target of $48.00.
Needham analyst says, "Gilead reported 2Q11 results yesterday. Total revenues were $2.14B, above our $2.09B and street $2.07B expectations. Non-GAAP EPS was $1.00, above our and street $0.99 estimates. The antiviral franchise generated $1.76B, essentially in-line with expectations. Gilead maintained 2011 financial guidance. Two key milestones are approaching. The B-Tripla (Edurant/ Truvada) PDUFA date is Aug 10. We expect approval, followed immediately by launch. Results from two Quad-pill (Elvitegravir/ Cobicistat/ Truvada) Phase 3 trials are also expected this quarter. Safety (e.g. CNS AEs, creatinine) and efficacy (non-inferiority vs. superiority) profile relative to Atripla will be particularly important. Gilead is guiding for NDA submission in 1Q12. Given the importance of these events, there is the potential for added volatility through the rest of the Summer...Our new 2011 total revenue and EPS estimates are $8.34B (was $8.24B) and $3.91 (was $3.89), respectively."
For more ratings news on Gilead Sciences click here and for the rating history of Gilead Sciences click here.
Shares of Gilead Sciences closed at $42.16 yesterday.
Needham analyst says, "Gilead reported 2Q11 results yesterday. Total revenues were $2.14B, above our $2.09B and street $2.07B expectations. Non-GAAP EPS was $1.00, above our and street $0.99 estimates. The antiviral franchise generated $1.76B, essentially in-line with expectations. Gilead maintained 2011 financial guidance. Two key milestones are approaching. The B-Tripla (Edurant/ Truvada) PDUFA date is Aug 10. We expect approval, followed immediately by launch. Results from two Quad-pill (Elvitegravir/ Cobicistat/ Truvada) Phase 3 trials are also expected this quarter. Safety (e.g. CNS AEs, creatinine) and efficacy (non-inferiority vs. superiority) profile relative to Atripla will be particularly important. Gilead is guiding for NDA submission in 1Q12. Given the importance of these events, there is the potential for added volatility through the rest of the Summer...Our new 2011 total revenue and EPS estimates are $8.34B (was $8.24B) and $3.91 (was $3.89), respectively."
For more ratings news on Gilead Sciences click here and for the rating history of Gilead Sciences click here.
Shares of Gilead Sciences closed at $42.16 yesterday.
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