Market Overview

Gilead Sciences Price Target Trimmed Following A Sobering Q3


Shares of Gilead Sciences, Inc. (NASDAQ: GILD) were trading lower Wednesday after the company's third quarter results fell short of Wall Street's expectations.

Following the earnings report, Brian Abrahams of Jefferies lowered the price target to $91 from $95. The analyst noted his Buy rating remains intact given the stock's "depressed" multiple.

Abrahams noted that Gilead's U.S. Harvoni sales of $1.1 billion in the quarter fell short of his expectations of $1.2 billion. However, management's commentary of the market suggested a potential stabilization over the medium-term. On the other hand, poor trends in the international market on volume and price led the analyst to reduce his out-year estimates.

Abrahams stated that sales of Epclusa and Sovaldi looked strong at $1.5 billion, which exceeded the consensus estimate of $1.3 billion.

Legacy HIV products were "soft to in line" in the third quarter, but the company's TAF regiment update which is key for the long-term sustainability of the franchise remains "solid."

Finally, the analyst believes that as the Street "digests more realistic HCV tail assumptions the focus will more clearly shift to favorable HIV dynamics and progress with GILD's underappreciated pipeline."

Latest Ratings for GILD

Oct 2019ReinstatesNeutral
Jul 2019MaintainsNeutral
Jul 2019MaintainsStrong Buy

View More Analyst Ratings for GILD
View the Latest Analyst Ratings

Posted-In: Brian Abrahams Gilead Earnings Gilead Sciences Harvoni HIV DrugsAnalyst Color Price Target Analyst Ratings


Related Articles (GILD)

View Comments and Join the Discussion!

Latest Ratings

HALRBC CapitalMaintains23.0
ZSMorgan StanleyMaintains40.0
VLOMorgan StanleyMaintains110.0
TSGMorgan StanleyMaintains22.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

Cramer On Gamestop: The Old Narrative No Longer Applies

22 Biggest Mid-Day Gainers For Wednesday