Differentiated Takeaways from Meeting with Management

研报英文原文证据摘录

Differentiated Takeaways from Meeting with Management

Biopharmaceuticals

Gilead Sciences, Inc. (GILD)

EQUITY RESEARCH Company Update

June 16, 2026

Differentiated Takeaways from Meeting with Price: $127.23

Price Target: $155.00 Management

Rating: Overweight

We hosted the Gilead CFO and Head of IR Tuesday evening to catch up on the business,

Key Statistics: all things Yeztugo and broader HIV, as well as some less appreciated parts of the

Symbol NSQ: GILD pipeline. 52-Week Range 104.46 - 157.29

Market Cap 157,964.9 Easily the parts that stood out included (1) PrEP portfolio messaging following

ADV (3 mo) 6,633,539 last night’s news (see our take: “Once Weekly, Twice the Optionality for Yeztugo”,

Shares Out (M) 1,241.6 6/15/2026; link), (2) Trodelvy TNBC messaging that emphasized a positive commercial

outlook ($3-4bn peak sales potential) driven by 1L adoption, longer duration, and

Research Analysts: compelling safety profile even in the face of the emergence of sac-TMT competition,

Carter Gould and (3) emphatically positive commentary on Ouro.

212-915-1794

Carter.Gould@cantor.com Notable Nuggets and Takeaways:

Ryan Chen

212-294-7862 HIV

Ryan.Chen@cantor.com

●The team remained constructive on overall PrEP market growth and emphasized

REV ($B) that the QW oral Yeztugo filing did not reflect a shift in its view of Q6M or Q12M

FYE Dec 2025A 2026E 2027E Yeztugo

1Q $6.7 $7.0A - ●Framed the QW oral Yeztugo as an option to stem impact of Descovy LOE (2031

2Q $7.1 $7.4E -

3Q $7.8 $7.9E - vs. 2037 with Yeztugo) and also likely to grow the overall PrEP market

4Q $7.9 $8.3E - ●Expects injectables to hold the dominant share vs. oral in PrEP setting over longer

Year $29.4 $30.6E $32.1

term (previously messaged 70/30 split between long-acting (inj and oral) and

EPS daily orals)