Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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Harvoni, Sovaldi
Sales for Harvoni plunged about 29 percent to $2.56 billion; however, Harvoni's predecessor, Sovaldi, saw a 5 percent rise in sales to $1.36 billion.
"Downward pressure from US payer mix and a slower international ramp resulted in Harvoni missing consensus though US Sovaldi is showing resilience (partly from an uptick in VA patients)," analyst Geoff Meacham wrote in a note.
Guidance
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The company cut its 2016 product revenue guidance to $29.5 billion–$30.5 billion from $30.0 billion–$31.0 billion. Barclays also lowered its product revenue forecast by 4 percent to $29.6 billion and EPS by 5 percent to $11.62.
But, Gilead's cash position is strong as it recorded $24.6 billion of cash, cash equivalents and marketable securities as of June 30, up from $21.3 billion at the end of the first quarter.
"The resulting strong cash flow and 2H slowdown in share repo activity suggests to us a build-up of dry powder for M&A / biz dev activity surrounding pipeline de-risking events over the next 6-12 mos," Meacham noted.
Key pipeline data weighted toward year-end 2016 or early 2017, expectations for positive pipeline developments and M&A could become a bigger part of the story in the second half of 2016.
Barclays' Expectations
Meacham has a price target of $115 on the stock, which fell 8.47 percent to close Tuesday's trading at $81.05. Based on Tuesday's close, the analyst's target price represents an upside of 42 percent.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.