Needham & Company Reiterates a 'Buy' on Gilead Sciences (GILD); Mixed Q4; Encouraging Update from GS7977 Program in HCV

Needham & Company reiterates a 'Buy' on Gilead Sciences (NASDAQ: GILD) price target raised from $48 to $54.

Analyst, Alan Carr, said, "Gilead reported $2.20B in total revenues for 4Q11 (+10.1% y/y), slightly above our $2.15B and consensus $2.18B estimates. Product sales for the quarter were $2.13B (+10.5% y/y), also slightly above our $2.11B estimate. Non-GAAP EPS was $0.97, below our $1.02 and consensus $1.05 estimates, primarily because of higher OPEX. Management guided for $8.6-8.8B in 2012 product sales, bracketing our expectations coming into the call."

"With the acquisition of GS7977 in HCV, GILD is regaining appreciation as a growth-oriented stock. Management had a series of encouraging announcements last night around GS7977 efficacy in GT1 patients as well as HCV development timelines."

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 $49.31 yesterday.

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