Beyond COVID-19-related headwinds as sales of antiviral drug Veklury sink in 2023, we think Gilead can return to low-single-digit top-line growth in 2024 and hold non-GAAP operating margins above 40% in the long run. Research and development costs were higher than we had anticipated as the firm is now wrapped up in 22 phase 3 clinical trials. market growth in HIV prevention, and Biktarvy’s 24% growth reflects continued share gains in an HIV treatment market growing at a single-digit rate. Strong sales of Descovy (20% growth) essentially reflected U.S. We saw slightly higher international sales for CAR T-cell therapy drug Yescarta in lymphoma than we had modeled, as Yescarta appears to be seeing expanded use and strong reimbursement in many global markets. Overall product sales growth of 15% excluding COVID-19-related sales were driven by solid HIV performance (13% growth) and strong launches in oncology (59% growth). We’re maintaining our $97 Gilead fair value estimate following first-quarter results that were in line with our estimates.
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