Bernstein believes that the results of studies of HCV treatments that compete with Gilead's (GILD) HCV drugs support the favorability of Gilead's (GILD) Harvoni/Sovaldi as well as Gilead’s next-generation triple combo. The firm thinks that much of the data was already well-priced into the relevant stocks. It keeps a $125 price target and Outperform rating 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."