After Sarepta (SRPT) disclosed it has agreed to sell its pediatric priority review voucher to Gilead (GILD) for $125M, Leerink analyst Joseph Schwartz said that price was below his expectations of $200M and wonders if management could have generated a higher valuation. However, the PRV sale gives Sarepta non-dilutive financing to support its trials and collaborations, added Schwartz, who keeps a Market Perform rating on Sarepta shares.

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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."