After Gilead (GILD) partner GlobeImmune (GBIM) announced the GS-4774 Phase 2 study in patients with chronic hepatitis B did not meet its primary endpoint, Deutsche Bank said Gilead's HBV programs are in early stages and the firm has not included HBV in its current model for the company. However, Deutsche said it expects Gilead to pursue more robust development in the space, which the firm views as a potential $15B opportunity if Gilead is successful. Deutsche Bank has Buy rating and $125 price target on Gilead.

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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."