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Mizuho reiterated a Buy rating on Gilead Sciences (NASDAQ:GILD) and raised their price target on the stock to $101.00 (from $88.00) after updating peak sales estimates for GILD’s HIV business.
Analysts there wrote in a note, “We believe based on quarterly performance and Biktarvy IP out to 2033, Descovy IP extended to 2031, Odefsey IP extended to 2032, a ~15% delta between Biktarvy US treated and naive share, and US HIV testing/tx rates still at 70%/75% (vs the United Nations goal of 95%/95%) that consensus is low for the HIV franchise.”
Mizuho’s peak ex-lenacapavir forecast for Gilead Sciences is at ~$20 billion and compares to the consensus of ~$18B. Mizuho also increased PoS for lenacapavir in PrEP to 70% from 30%, reflecting the recent first approval in HTE HIV. For Yescarta, Mizuho raised peak sales estimates to ~$2.5B from ~$1.8B, based on the potential for ex-US sales recall.
EPS estimates going out to 2028 is now $11.17, up from $9.75 (consensus is currently at $8.33).
Shares of GILD are down 1.77% in mid-day trading on Tuesday.
