In a research not titled "Value or Value Trap?," JPMorgan analyst Cory Kasimov writes that Gilead shares look cheap, but could stay that way if nothing changes. The company "looks to be at a crossroads" with the stock down 18% year-to-date and Hepatitis C virus-driven beat-and-raises likely in the past. With a large amount of cash and the selloff in the sector, "the time appears ripe" for Gilead to do a significant M&A transaction, Kasimov contends. He keeps an Overweight rating on the shares with a $116 price target.

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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."