Gilead Sciences: Quick Thoughts on Recent Management Meetings

研报英文原文证据摘录

Gilead Sciences: Quick Thoughts on Recent Management Meetings

J P M O R G A N North America Equity Research

15 June 2026

Gilead Sciences Overweight

GILD, GILD US

Quick Thoughts on Recent Management Meetings Price (15 Jun 26):$124.30

Pharmaceuticals — Major &

We recently had the chance to catch up with GILD mgmt including CFO Andy Specialty

Dickinson on the Yeztugo launch (as well as today's unexpected Yeztugo weekly Chris Schott, CFA AC

oral filing) and the company's longer-term growth outlook from here. GILD (1-212) 622-5676

remains encouraged by the early Yeztugo launch trends, and we continue to believe christopher.t.schott@jpmorgan.com

there is room for upside from here. We also see an interesting oppty for the Yeztugo Taylor Hanley

weekly oral to both accelerate PrEP sales growth and extend the franchise's (1-212) 622-0790

taylor.hanley@jpmchase.com

duration by converting patients away from Descovy. Net-net, as we think about the

Ekaterina V Knyazkova, CFA

GILD story, the company remains well-positioned with Yeztugo having a strong

(1-212) 622-9576

launch in PrEP, anito-cel emerging as a promising asset in the company’s oncology ekaterina.v.knyazkova@jpmchase.com

portfolio, the company’s core HIV business likely to beat, and numerous HIV Ethan Brown

treatment combos advancing in the pipeline (where GILD/MRK recently (1-212) 622-4928

announced positive outcomes for the ISLEND-1 and -2 trials for the ISL/LEN ethan.brown@jpmchase.com

weekly oral for HIV). Remain OW. Hardik Parikh, CFA

(1 212) 622-2875

hardik.k.parikh@jpmorgan.com

• Yeztugo launch remains ahead of expectations. Management reiterated J.P. Morgan Securities LLC

that launch metrics are all tracking in line or ahead of internal expectations,