JPMorgan analyst James Quigley started Galapagos NV (GLPG) with an Overweight rating and $140 price target. The company's key value driver is filgotinib, a selective JAK1 inhibitor which has shown potential best in class data in inflammatory diseases and is licensed to Gilead (GILD), Quigley tells investors in a research note. The analyst forecasts peak in market filgotinib sales of EUR 4.4B. Quigley also sees value in Galapagos' wholly owned GLPG1690, which he says could be the first drug to halt disease progression in idiopathic pulmonary fibrosis.

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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."