Gilead Sciences Inc GILD inventory is buying and selling increased on Thursday after the corporate reported better-than-expected third-quarter monetary outcomes and raised its fiscal yr 2024 steering.
On Wednesday after market, Gilead reported third-quarter adjusted EPS of $2.02, down from $2.29 a yr in the past, beating the consensus of $1.55.
The HIV drug maker reported gross sales of $7.55 billion, up 7% yr over yr, beating the consensus of $7 billion, primarily resulting from increased gross sales in HIV and Veklury (remdesivir), Oncology and Liver Illness.
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HIV product gross sales elevated 9% to $5.1 billion, with Biktarvy gross sales elevated 13% to $3.5 billion. Descovy gross sales jumped 15% to $586 million.
The Liver Illness portfolio gross sales elevated 4% to $733 million. Veklury gross sales elevated 9% to $692 million.
“Gilead’s third-quarter outcomes are the strongest of the yr up to now, with 7% year-over-year income progress, together with 13% year-over-year progress for Biktarvy,” mentioned Daniel O’Day, Chairman and CEO.
Steering: Gilead Sciences raised its fiscal yr 2024 adjusted EPS steering from $3.60 – $3.90 to $4.25 – $4.45 in comparison with the consensus of $3.81.
The corporate expects 2024 product gross sales of $27.8 billion – $28.1 billion in comparison with prior steering of $27.1 billion – $27.5 billion.
Analysts’ response:
- Piper Sandler maintains Gilead Sciences with an Chubby, elevating the worth goal from $95 to $105.
- Barclays reaffirms Gilead with an Equal-Weight score whereas boosting the worth goal from $84 to $95.
- Wells Fargo maintains Gilead with an Chubby score, elevating the worth goal from $100 to $105.
- Cantor Fitzgerald reiterates Gilead with a Impartial score, rising the worth goal from $70 to $80.
- Goldman Sachs maintains Gilead’s Impartial score, lifting the worth goal from $74 to $84.
- RBC Capital maintains Gilead’s Sector Carry out score and boosts the worth goal from $75 to $81.
- JP Morgan maintains Gilead with an Chubby score, elevating the worth goal from $100 to $105.
- Baird maintains Gilead’s Impartial score, rising the worth goal from $80 to $95.
Value Motion: GILD inventory is up 5.94% at $97.14 ultimately examine Thursday.
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