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Gilead Sciences

GILD-Nasdaq

Obese • Value $62.32 on Oct. 3

by J.P. Morgan

We’re refreshing our thesis on Gilead and upgrading shares to Obese from Impartial, as we see the mix of elevated visibility on the corporate’s HIV franchise and an rising oncology franchise not properly mirrored in valuation at 9.5 occasions 2022 earnings per share. At present ranges, we see Gilead’s HIV enterprise alone supporting the corporate’s whole market cap. And with an oncology franchise that we forecast to succeed in $5 billion in gross sales by 2030, in addition to potential upside to lenacapravir estimates over time, we see shares as clearly undervalued at present ranges. Lastly, whereas Gilead’s acquisition observe file represents a degree of controversy within the story, we see the corporate’s capital deployment priorities pivoting to smaller, tuck-in acquisitions. We set up a December 2023 worth goal of $80, based mostly upon our discounted money movement valuation.