Monthly Scripts To Go, For Yeztugo

研报英文原文证据摘录

Monthly Scripts To Go, For Yeztugo

TD Cowen Gilead Sciences

Global Research June 17, 2026

Our IQVIA Analysis Projects Yeztugo Q2 Sales Of ~$225MM, And ~$1B For 2026, In-line With

Guidance, But Down From The Estimated $1.1B Last Month

We estimate monthly US Yeztugo revenue using a regression analysis and a 20% GTN on its

$14,109 Q6M injection and $2,352 oral loading dose. While Gilead’s 10-K cites a 38% GTN

(primarily from HIV products), Yeztugo is expected to benefit from lower 340B discounts than

Descovy.

Our regression analysis suggests a monthly increase of Yeztugo injection and oral sales of

$4.4MM and $0.57MM, respectively. We have updated our sales adjustment based on the

reported Q1:26 $166MM actual sales divided by the $185MM that we previously estimated

based on IQVIA Rxs. As a result, we project Q2 sales of ~$225MM and 2026 sales of ~$1B, which

is down from the prior Rx-estimated $1.1B last month (discussed here), but in-line with the $1B

company guidance.

Source: National Prescription Audit™, July 2025 – June 2026, Copyright IQVIA. All Rights

Reserved, TD Cowen

Per Management Launch Metrics Support Positive Outlook And Persistence Concerns

Overstated

Persistence concerns have driven investor focus, but management emphasized that broader

launch metrics support the revised outlook and reflect an early growth phase. The company

views current persistence worries as overstated and inherent to episodic PrEP use, with rates

likely settling between chronic benchmarks (~80%) and PrEP comps (~50%). Early trends

meet or exceed expectations and should improve with provider experience. IQVIA remains

a directional tool, but is limited by channel dynamics; patient-level data better captures

demand, which management believes remains strong.

Continued In PDF ...

>95% U.S.