Leerink analyst Geoffrey Porges says five of the large-cap biotech companies in his coverage reported "typical" Q1 results, following Biogen's (BIIB) on April 21, with all reporting revenue "generally below" consensus estimates. Only Amgen (AMGN) beat consensus and matched the analyst's pre-quarter revenue estimate. Porges noted that EPS results weren't quite as bad, with Biogen, Celgene (CELG) and Amgen delivering some EPS upside. The analyst increased his price target for Amgen and lowered his price target for Biogen, Vertex (VRTX), Alexion (ALXN), Celgene, and Gilead (GILD). Leerink keeps Outperform ratings for Gilead, Alexion, Regeneron (REGN) and Vertex, and Market Perform ratings for Medivation (MDVN), Biogen, Celgene and Amgen.

Consensus $3.67. Sees FY24 product sales $27.1B-$27.5B.

Reports Q1 revenue $6.7B, consensus $5.92B. "Gilead delivered another strong quarter of revenue growth in the first quarter with 6% year-over-year growth in our base business driven by HIV, Oncology and Liver Disease," said Daniel O'Day, Gilead's Chairman and Chief Executive Officer. "The acquisition of CymaBay brings us another potentially transformative therapy for people with liver disease, and a regulatory decision on seladelpar is expected in August. New HIV data demonstrates the continued progress in our long-acting HIV pipeline, and we look forward to providing updates on this and our broad Oncology portfolio throughout the rest of 2024."

Wedbush analyst Laura Chico raised the firm's price target on Biogen to $215 from $213 and keeps a Neutral rating on the shares. It remains early days for newly launching products like Skyclarys, Leqembi and Zurzuvae, the firm notes. That being said, it is encouraging to start to see revenue growth for Leqembi and continued growth for Skyclarys. Wedbush continues to see a gap between the newly launching products and earlier-stage development programs that will need to be addressed. However, larger-scale BD deals are likely easier to complete in 2025.

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Vertex Pharmaceuticals and TreeFrog Therapeutics announced that Vertex has obtained an exclusive license to TreeFrog's proprietary cell manufacturing technology, C-Stem, to optimize production of Vertex's cell therapies for type 1 diabetes, or T1D. TreeFrog and Vertex will collaborate to scale-up TreeFrog's process to produce and amplify cells for Vertex's T1D therapies. TreeFrog's proprietary technology platform, C-Stem, is designed to mimic the natural microenvironment, allowing cells to grow exponentially in 3D. The technology will enhance Vertex's ability to generate large amounts of fully differentiated cells for its portfolio of T1D cell therapies.