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Gilead: The Growth Value Divide

Jan. 5, 2021 12:58 AM ET|4 comments | About: Gilead Sciences, Inc. (GILD)
Out of Ignorance
Out of Ignorance
Long Only

(5,532 followers)
Summary
I have had a fatal attraction for Gilead the last five years, bad timing for sure; as we enter the new year, 2021, it is time for a reanalysis.

Our first stop in this endeavor will be Gilead's quant ratings screens.

Seeking Alpha's rich library of articles with fundamental analysis add context and substance to its quant ratings.

Seeking Alpha's array of press releases, transcripts, SEC documents and other source materials round out our appreciation of an investment in Gilead.

Gilead (GILD) is trading at levels not seen since 2013. This article mines Seeking Alpha's extensive toolkit of quant ratings, fundamental analysis and its library of basic documents to evaluate this interesting stock.

Few companies have enjoyed as much success over their lives as has Gilead. Whether or not it can rekindle investors' interest depends on whether it can reignite its growth.

As I write on 12/31/20, in the crisp clearness of the twilight to an awful year, I am undertaking a fresh overview. Here goes.

After one of the most successful bull runs in stock market history, Gilead has seemingly lost its way.

Back in the halcyon days when Gilead's past cast a misleadingly rosy light on its future prospects, I reported:

Gilead has been one of Pharma's very best stocks to own since it went public in January of 1992. If you bought 100 shares at the IPO price of $17.25 and kept them though today [article was published 8/22/16] you would have 3200 shares worth over $250,000.00.
How things have changed. Over the last nearly six years, I have spent countless hours examining and reporting on the merits and demerits of investing in Gilead. Initially I was caught up in the patina of success that enshrouded the stock. Eventually, its inability to show sufficient growth to counteract its ever shrinking HCV franchise became chronic. At that point I registered as neutral.

I was never able to muster the fortitude to take a bearish position on the stock. Since my initial 3/7/16 Gilead article, "Gilead's Harvoni: A Fair Deal", Gilead's stock performance has been awful. This is true, both in terms of stock and total return when compared to iShares Nasdaq Biotechnology ETF (IBB) per the chart below:
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Seeking Alpha's quant ratings screens offer key insights into Gilead and its future prospects.

There are several stops one can make in connection with evaluating a stock's quant rating. Here I will start at Gilead's factor GRADES as they appeared on New Year's Day 2021:

In past quant oriented articles I have focused exclusively on the colored entries in the first ("Now") column. As I have considered, I realize that the other two columns, the greyed out ("3M ago") and ("6M ago") add temporal depth to the information.

In Gilead's case the important "Value", "Growth", and "Profitability" metrics are unchanged from their earlier grades with the exception of its marginally increased value grade from "B" to "B+". This tells us that Gilead's underlying metrics for each of these three characteristics has remained relatively constant in comparison to the healthcare sector grouping of ~880 stocks.

Now keep in mind that Gilead's share trajectory over the last six months has been resolutely negative per the chart above. This confirms that Gilead's dismal growth deficit is trumping its strong profitability.

Its improving "value" grade compares a broad matrix of ratios, including P/E or EV/EBITDA to the comparable ratios of others within its sector. For example, the following is just the first of nineteen rows of such analytics:


This particular row advises that Gilead's specified PE was 9.40 compared to its healthcare sector median PE of 24.85 for a differential of 62.19%, one of nineteen metrics contributing to the concluding grade for Value of B+. This has been a long term problem for Gilead.

Gilead's failing growth grade derives from uniformly poor grades in six growth metrics shown as meaningful. For example its forward revenue growth is 2.12% compared to sector median of 11.41%; its forward free cash flow/share growth is 8.25% compared to sector growth of 13.61%.

Two other quant ratings panels in the right column of Gilead's lead SUMMARY page include its overview Quant Ranking panel:

and its Dividend Grades panel:

As can be seen from its total return line on its price chart above, its safe, consistent, high yielding dividend coupled with its attractive value metrics do not make up for its overweening lack of growth.

The situation calls for further analysis.

Seeking Alpha's coverage for Gilead provides extensive fundamental analysis.

My most recent article focusing on Gilead was my 10/2/20 contribution, ""Gilead's Cancer Follies", in which I describe its decade-long struggles to acquire a portfolio of cancer therapeutics. Since that time Seeking Alpha has published a diverse group of 14 ARTICLES with Gilead as the primary ticker.

Of these 14 articles, six are neutral, three bullish, four very bullish and one bearish. The most recent of these articles, "After Gilead Sciences' Year Of Acquisitions, 2021 Is When It Becomes An Oncology Powerhouse", also takes a look at Gilead's cancer acquisitions.

It takes a more sanguine view of Gilead's efforts, actually updating its acquisitions to include a brief consideration of its 10/20 $21 billion acquisition of Immunomedics and its 12/20 €1.15 billion + milestones acquisition of MYR GmbH.

Rather than joining my somewhat jaundiced view of Gilead's cancer endeavors, this latest article hypothesizes Gilead growing its oncology portfolio to annualized sales approaching $10 billion. It pegs oncology as contributing almost half of Gilead's revenues by 2030.

It is always tricky when painting with such broad strokes. If indeed Gilead's oncology assets contribute $10 billion of revenues annually in 2030 and that amounts to half of Gilead's revenues, it will likely be distressing for shareholders. Consider Gilead's 2020 10-K (p. 29) listing its consolidated annual revenues for recent years:
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years:



Under a prospective scenario of an annual $20 billion revenue run in 2030, Gilead's revenues would be remaining static to slightly reduced for the next ten years. Please Gertrude don't let that be true.

Thumbing through the other more recent Gilead articles, I note several by Shock Exchange and one by DoctoRx, both of whom are experienced Gilead commentators of long standing with nearly 100 Gilead articles each.

Each presents an article addressing one of Gilead's latest indignities at the hands of WHO. DoctoRx in his 10/20 "Gilead: 'Failed' Remdesivir Solidarity Study Might Really Show Efficacy" questions the significance of the data underlying the WHO critique; Shock Exchange in "WHO Throws Shade At Remdesivir" views it as likely throwing RMD revenues into reverse.

The transcript from the 12/20 Evercore ISI Conference provides current insights on Gilead's investment merit.

Has Gilead's lackluster performance in recent years knocked it from the ranks of growth companies, relegating it to the status of a value company? In his recent article "Turning 'Value Traps' Into A Dependable Payday: The Case Of Gilead," Jeff Miller casts Gilead in an ignominious role as a "value trap."

In the 12/20 transcript of the Evercore Healthcare Conference the moderator challenges Gilead's attending officers with the question:

Do you see Gilead as a growth company going forward? Have you guys thought about a certain minimal growth potential that the company could have?

And I ask that, by the way, because one of the questions I get from growth managers is, is Gilead a growth company or a value company, and that's a big question for them because they can't own it in certain portfolios.
In response, Gilead representatives brushed aside establishment of any long range growth target. Instead, they acknowledged Gilead's LOE (Loss of Exclusivity) challenges that have contributed to its growth deficits in recent years. They assured that growth is top of mind for Gilead as it develops pipeline assets, including those from recent collaborations.

Top growth prospects include its Trodelvy acquired in its Immunomedics deal as described in its Q3, 2020 earnings slide below:


During Gilead's earlier Q3, 2020 earnings call, CEO O'Day enthusiastically trumpeted Gilead's Immunomedics acquisition as establishing an inflection point for Gilead's future growth. He stated:

... Trodelvy is already approved in the U.S. for third-line metastatic triple-negative breast cancer. The recent data at ESMO underscored its transformative potential for this particularly challenging form of cancer, as well as the potential for treating bladder cancer. We will explore expansion into earlier lines of therapy in the short term, and overall we see Trodelvy as a pipeline and a product. The prevalence of Trop-2 in multiple cancer types means Trodelvy has pan-tumor potential.
Two others meriting special mention during the Evercore conference were magrolimab, which recently received breakthrough therapy designation in MDS and lenacapavir, Gilead's long acting capsid inhibitor for heavily treatment-experienced people with multidrug resistant HIV-1 infection.

Conclusion

Has Gilead regained its status as a growth company? I would say that it has not. Its HIV business is solid, elsewhere not so much.

I am optimistic that its RMD business will survive and transcend any damage that WHO may have inflicted. However, it seems unlikely to generate significant revenues over the longer term as vaccinations take hold and other therapies come to the fore. Gilead's Galapagos collaboration, which recently seemed so promising is now quite dimmed.

Gilead has been a serial disappointment to its shareholders, including myself, for years. I remain a shareholder. I expect Gilead to eventually turn itself around. I am not holding my breath. This does not seem likely to be a near term event.
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Gilead's Kite, Oxford BioTherapeutics ink immuno-oncology pact

Jan. 06, 2021 2:24 PM ETGilead Sciences, Inc. (GILD)By: Vandana Singh, SA News Editor4 Comments
Kite, a Gilead Company (GILD +3.1%) and Oxford BioTherapeutics have entered into a research collaboration to evaluate five targets for a number of hematologic and solid tumor indications, using latter's OGAP target discovery platform.
Kite and Gilead will have the exclusive right to develop and commercialize therapies based on these targets or antibodies.
Under the terms of the agreement, Oxford will receive an upfront payment and will be eligible to receive additional payments based on achievement of certain discovery, clinical and regulatory milestones, as well as royalties on future potential sales.
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Gilead Sciences sees FY2020 earnings above consensus

Jan. 11, 2021 6:32 AM ETGilead Sciences, Inc. (GILD)By: Niloofer Shaikh, SA News Editor
Gilead Sciences (NASDAQ:GILD) +1.06% premarket, has revised FY2020 earnings outlook.
FY2020 Guidance: Product sales: $24.3B-$24.35B vs. prior outlook of $23B-$23.5B and consensus of $23.73B; Product gross margin: ~86.5% vs. prior guidance of 86%-87%; Operating income: $11.65B-$11.75B up from $10.7B-$11.2B; Tax rate: ~19%-19.5% from ~20%; GAAP EPS: -$0.08-$0.02 vs. previous outlook of -$0.25-$0.10; Adjusted EPS: $6.98-$7.08 vs. prior guidance of $6.25-$6.60 and consensus of $6.60.
Increase in product sales guidance reflects increased Veklury(remdesivir) sales as hospitalization and treatment rates were higher than expected given the most recent COVID-19 surge.
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January 11, 2021

Gilead Sciences Announces Updated 2020 Guidance
FOSTER CITY, Calif.--(BUSINESS WIRE)-- Gilead Sciences, Inc. (Nasdaq: GILD) today announced the company has revised certain elements of its full year 2020 guidance.

Updated Full Year 2020 Guidance

(In millions, except percentages and per share amounts)
Previously Updated
October 28, 2020
Updated
January 11, 2021
Product Sales
$23,000 - $23,500
$24,300 - $24,350
Product Sales excluding Veklury

$21,500 - $21,525
Veklury

$2,800 - $2,825
Non-GAAP


Product Gross Margin
86% - 87%
~ 86.5%
R&D Expenses
Mid-teens percentage growth

~ 20% growth
SG&A Expenses
Low double-digit percentage growth

~ 10% growth
Operating Income
$10,700 - $11,200
$11,650 - $11,750
Effective Tax Rate
~ 20%
~ 19.0% - 19.5%
Diluted EPS
$6.25 - $6.60
$6.98 - $7.08
GAAP Diluted Earnings (Loss) Per Share
$(0.25) - $0.10
$(0.08) - $0.02
The following provides additional details on the company’s updated guidance:

Gilead delivered solid performance, despite the global impacts of COVID-19.
Total product sales guidance range is now $24.30 billion to $24.35 billion, reflecting increased Veklury® (remdesivir) sales as hospitalization and treatment rates were higher than expected given the most recent COVID-19 surge.
As a reminder, full year 2020 total product sales excluding Veklury reflects the underlying strong Biktarvy® (bictegravir 50 mg/emtricitabine 200 mg/tenofovir alafenamide 25 mg) uptake, partially offset by the Truvada® (emtricitabine 200 mg/tenofovir disoproxil fumarate 300 mg) loss of exclusivity in the United States and the impact of COVID-19 primarily on Gilead’s pre-exposure prophylaxis (“PrEP”) franchise and chronic hepatitis C virus (“HCV”) franchise.
Guidance for Research and development (“R&D”) expense changed to reflect the increase in expense for obligations under the previously disclosed new commercialization and development agreement for Jyseleca® (filgotinib) with Galapagos NV. In addition, R&D expense for the full year 2020 reflects growth due to higher clinical trial and manufacturing ramp-up expenses related to Gilead’s COVID-19 treatment remdesivir.
Selling, general and administrative (“SG&A”) expense reflects the low-end of Gilead’s previous guidance. As a reminder, SG&A expense grew for the full year 2020 due to a legal accrual related to a previously disclosed legal settlement, expenses associated with the acquisitions of Forty Seven, Inc. and Immunomedics, Inc., and certain remdesivir donations.
GAAP Diluted EPS guidance is ($0.08) to $0.02 and Non-GAAP Diluted EPS guidance is $6.98 to $7.08 for full year 2020.
The updated 2020 guidance range provided in this document is based on Gilead’s preliminary fourth quarter 2020 results, which are subject to change in connection with the completion of the company’s final closing procedures, final adjustments and other developments that may arise in the course of the preparation or audit of its financial statements. Gilead’s management will host a conference call to discuss the company’s fourth quarter and full year 2020 results in the coming weeks.

Webcast of J.P. Morgan Healthcare Conference

Gilead is scheduled to provide an overview of the company, including updated full year 2020 guidance and a review of key events at the 39th Annual J.P. Morgan Healthcare Conference on Monday, January 11, 2021 at 12:40 p.m. Pacific Time. The live webcast for the J.P. Morgan Healthcare Conference can be accessed at the company’s Investors page at investors.gilead.com.

Non-GAAP Financial Information

The information presented in this document has been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), unless otherwise noted as non-GAAP. Management believes non-GAAP information is useful for investors, when considered in conjunction with Gilead’s GAAP financial information, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Gilead’s operating results as reported under GAAP. Non-GAAP financial information excludes acquisition-related expenses including amortization, acquired in-process research and development (“IPR&D”) expenses including the initial costs of externally developed IPR&D with no alternative future use, upfront collaboration and licensing expenses and IPR&D impairments, and other items that are considered unusual or not representative of underlying trends of Gilead’s business, fair value adjustments of equity securities and discrete and related tax charges or benefits associated with changes in tax related laws and guidelines. Although Gilead consistently excludes the amortization of acquired intangible assets from the non-GAAP financial information, management believes that it is important for investors to understand that such intangible assets were recorded as part of acquisitions and contribute to ongoing revenue generation. Non-GAAP measures may be defined and calculated differently by other companies in the same industry. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the table on page 4.

About Gilead Sciences
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Gilead verhoogt outlook

FONDS KOERS VERSCHIL VERSCHIL % BEURS
Gilead Sciences Inc
$ 63,04 0,52 0,83 % NASDAQ
Gilead Sciences Inc (DE)
52,44 1,03 2,00 % Frankfurter Wertpapierbörse (Xetra)

(ABM FN-Dow Jones) Gilead Sciences heeft de outlook voor 2020 opwaarts bijgesteld. Dit bleek maandag uit een persbericht van de Amerikaanse partner van Galapagos.

"Gilead leverde een solide prestatie af, ondanks de mondiale impact van Covid-19", zo verklaarde de biofarmaceut.

Waar Gilead eerder nog rekende op een omzet van 23 tot 23,5 miljard dollar, mikt het nu op 24,3 tot 24,35 miljard dollar. Dit is vooral te danken aan beter dan verwachte verkopen van remdesivir, de virusremmer die werd ingezet in de strijd tegen het coronavirus.

De brutomarge zal afgelopen zijn uitgekomen op 86,5 procent, wat precies in het midden van de eerder afgegeven bandbreedte van 86 tot 87 procent is.

Het aangepaste resultaat per aandeel zal liggen tussen de 0,08 dollar negatief en 0,02 dollar positief. Aangepast voor bijzondere posten zal de winst niet tussen de 6,25 en 6,60 dollar uitkomen, maar op 6,98 tot 7,08 dollar, verwacht Gilead.

Het aandeel Gilead opent vermoedelijk ruim een procent hoger.

Door: ABM Financial News.
info@abmfn.nl
Redactie: +31(0)20 26 28 999

© Copyright ABM Financial News B.V. All rights reserved.
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Gilead and VIR Biotechnology tie up in chronic hepatitis B virus cure setting

Jan. 12, 2021 8:12 AM ETGilead Sciences, Inc. (GILD)By: Aakash Babu, SA News Editor
Gilead Sciences (NASDAQ:GILD) and Vir Biotechnology (NASDAQ:VIR) announces that the companies have entered into a clinical collaboration to evaluate novel therapeutic combination strategies aimed at developing a functional cure for chronic hepatitis B virus (HBV).
The companies plan to initiate a Phase 2 trial evaluating combination therapy for both treatment-experienced and treatment-naïve people living with HBV.
The multi-arm trial will evaluate different combinations of selgantolimod, Gilead’s investigational TLR-8 agonist, VIR-2218, Vir’s investigational small interfering ribonucleic acid (siRNA) and a commercially-sourced, marketed PD-1 antagonist.
The primary outcome of the study will be the proportion of patients achieving a functional cure, defined as an off-therapy loss of hepatitis B surface antigen (HBsAg) and HBV DNA from the serum.

Both companies retain full rights to their individual product candidates and will discuss the potential path forward for any future combination studies based on the outcome of the Phase 2 trial.
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Gilead CEO: we verwachten dat Remdesivir aan nieuwe COVID-19-soorten zal werken
Benny Fellows
Ma 11 januari 2021, 21:39 uur GMT + 1· 1 minuut gelezen

Daniel O'Day, de CEO van Gilead Sciences Inc. (NASDAQ: GILD ), vertelde maandag aan CNBC dat de medicijnmaker verwacht dat het antivirale medicijn volledig effectief zal zijn tegen nieuwe stammen van het coronavirus.

Wat is er gebeurd: O'Day verscheen op CNBC's "Squawk Box."

Gilead "heeft veel in remdesivir geïnvesteerd en zal in remdesivir blijven investeren", zei hij.

Waarom het belangrijk is: O'Day vertelde CNBC dat het belangrijke nieuws is welke invloed remdesivir heeft op de tijd die COVID-19-patiënten in het ziekenhuis doorbrengen.

Aangezien het aantal ziekenhuisopnames wereldwijd verviervoudigd is, krijgt één op de twee patiënten remdesivir, waardoor de ziekenhuisfase tot wel een week kan worden verkort en de kans dat patiënten een ernstigere ziekte krijgen en overlijden met 70% kan verminderen, aldus de CEO. .

Remdesivir is een antiviraal geneesmiddel dat in de VS is goedgekeurd voor de behandeling met COVID-19 en voornamelijk wordt gebruikt om de hersteltijd van patiënten te verkorten. De vertrekkende president Donald Trump ontving dit medicijn toen hij in oktober de diagnose COVID-19 kreeg.

De nieuwe coronavirusstammen die in het VK en Zuid-Afrika zijn gevonden, zijn getest met Gilead's remdesivir in een laboratorium in Californië, zei O'Day, eraan toevoegend dat "het zijn doeltreffendheid behoudt".

"Ik verwacht dat remdesivir met deze varianten een impact zal blijven hebben op patiënten."

GILD Stock Action: De aandelen van Gilead daalden met 0,35% tot $ 62,82 bij de laatste controle op maandag.
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Het advies voor Gilead gaat bij Morgan Stanley van “Equal-weight” naar “Overweight”. Het koersdoel van 83 dollar is goed voor 31% opwaarts potentieel.
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Jan 19 (Reuters) - The U.S. Supreme Court on Tuesday rejected Merck & Co Inc's bid to revive a $2.54 billion jury verdict it won against rival drugmaker Gilead Sciences Inc for infringing a patent in a dispute over a blockbuster hepatitis C treatment.

The justices declined to take up Merck's appeal of a lower court's ruling that overturned the massive damages verdict after finding that Merck's patent was invalid. (Reporting by Andrew Chung in New York; Editing by Will Dunham)
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Gilead Sciences Stock een aankoop?
Het was een moeilijke afgelopen maanden voor de biotech, maar is het nu een goed moment voor investeerders om de trekker over te halen?

Prosper Junior Bakiny
Prosper Junior Bakiny
(TMFPBakiny)
27 januari 2021 om 06:14 uur
Auteur Bio
Vorig jaar stonden veel biotechbedrijven in de voorhoede van de strijd tegen COVID-19, en investeerders reageerden door hun aandelen hoger te sturen. De SPDR S&P Biotech Index ETF - een branchebenchmark - is de afgelopen 12 maanden met 73% gestegen, vergeleken met een winst van 17% voor de S&P 500 . Een medicijnfabrikant die vorig jaar veel lawaai maakte, was Gilead Sciences ( NASDAQ: GILD ) . In mei 2020 werd het antivirale geneesmiddel van het bedrijf, remdesivir (op de markt gebracht als Veklury), de eerste COVID-19-behandeling die autorisatie voor noodgebruik (EUA) kreeg en vervolgens formele goedkeuring van de Amerikaanse Food and Drug Administration (FDA).

Verschillende andere landen hebben ook groen licht gegeven voor deze drug, waaronder Japan en veel Europese landen. Gezien deze ontwikkelingen zou je verwachten dat de aandelen van het bedrijf de laatste tijd beter hebben gepresteerd dan de markt, maar het tegenovergestelde is waar: ondanks een sterke stijging in de eerste helft van 2020, zijn de aandelen het afgelopen jaar met slechts 7% gestegen. Is het nu een goed moment om aandelen van Gilead Sciences binnen te halen?

^ SPX-grafiek

^ SPX- GEGEVENS DOOR YCHARTS

Een grote tegenslag
Een van de belangrijkste redenen waarom de aandelen van Gilead onlangs zijn afgekoeld, is de tegenslag in de regelgeving in verband met zijn potentiële kaskraker filgotinib. Het bedrijf had hoge verwachtingen van de behandeling van reumatoïde artritis (RA): het management was van mening dat het RA-patiënten zou kunnen helpen om sneller remissie te bereiken (een toestand waarin de symptomen van de ziekte onder controle zijn) dan concurrerende geneesmiddelen.

In augustus 2020 kondigde Gilead echter aan dat de FDA had geweigerd filgotinib goed te keuren vanwege bezorgdheid over de mogelijke impact ervan op spermaparameters. Het project is nog niet dood; de biotech voert klinische onderzoeken uit om te testen of filgotinib inderdaad de spermaparameters beïnvloedt, en verwacht in de eerste helft van dit jaar topgegevens van deze onderzoeken.

Als deze resultaten positief zijn, kan de FDA filgotinib alsnog goedkeuren. Gilead onderzoekt het medicijn ook als een mogelijke behandeling voor artritis psoriatica, de ziekte van Crohn en andere ziekten. Filgotinib zou een geweldige toekomst kunnen hebben, maar de zorgen over de regelgeving rond het medicijn maken de vooruitzichten onzeker. Kan Gilead Sciences andere groeimogelijkheden vinden?
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Remdesivir to the rescue
Gilead's COVID-19 treatment is clearly having a major impact on its top line. During its third-quarter 2020 that ended on Sept. 30, the company reported total revenue of $6.6 billion, 17% higher than the year-ago period. Remdesivir generated revenue of $873 million, and excluding the coronavirus medicine, sales of the company's products grew by a meager 2% to $5.6 billion.

On Jan. 11, Gilead Sciences provided an updated guidance for its fiscal year 2020, which ended on Dec. 31. The company now expects its product sales to be between $24.3 billion and $24.35 billion, up from its previous guidance of $23 billion to $23.5 billion. The new guidance would represent year-over-year growth of about 10%, and once again, remdesivir would be to thank for it.

Without the revenue from the COVID-19 treatment, the company's guidance indicates that its product sales would decline slightly compared with the fiscal year 2019. Unfortunately, remdesivir also seems to be facing some obstacles. First, in November, the World Health Organization (WHO) recommended against using the antiviral to treat hospitalized coronavirus patients because, according to the agency, there was no evidence that it improves survival or other outcomes in these patients.

Second, given that several vaccines for the disease have been approved, there will be less of a need for coronavirus treatments. Gilead will have to turn elsewhere for growth. The company's most promising area at the moment is its HIV lineup. According to CEO Daniel O'Day, Biktarvy, one of the company's top-selling HIV products, Biktarvy, has become "the gold standard in HIV treatment."

During the third quarter, Gilead Sciences' HIV sales grew by 8% to $4.5 billion. However, the company is also facing some headwinds in this area. A generic version of the drug Truvada became available for the first time in October 2020, and as a result, the biotech expects sales of this HIV drug to decline significantly. Biktarvy will likely continue to gain steam, but this growth will be offset in part by Truvada's declining revenue.

On the bright side, Gilead does have 42 clinical programs in its pipeline. The company will likely turn at least a handful of those into solid sources of revenue.

The verdict
Gilead Sciences has long been one of my favorite biotechs, but the company is facing too many obstacles: filgotinib's regulatory setback, Truvada's generic competition, and the recommendation against using remdesivir from the WHO (not to mention competition from newly approved COVID-19 vaccines). I am inclined to believe Gilead will recover in the long run, but there is too much uncertainty with the company at the moment, and there are other biotech stocks that are much better options.
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Gritstone Oncology soars 44% on collaboration with Gilead Sciences in HIV

Feb. 01, 2021 6:37 AM ETGilead Sciences, Inc. (GILD)By: Mamta Mayani, SA News Editor4 Comments
Gilead Sciences (NASDAQ:GILD) and Gritstone Oncology (NASDAQ:GRTS), up 44% premarket, have entered into a collaboration, option and license agreement to research and develop a vaccine-based immunotherapy to find a curative treatment for HIV infection.
Under the terms of agreement, Gilead will make a $60M payment at closing, consisting of a $30M upfront cash payment and a $30M equity investment at a premium.
Gilead will be responsible for conducting a Phase 1 study for the HIV-specific therapeutic vaccine and holds an option to obtain an exclusive license to develop and commercialize the vaccine beyond Phase 1.
Gritstone is also eligible to receive up to an additional $725M if the option is exercised and if certain milestones are achieved, as well as mid single-digit to low double-digit tiered royalties on net sales upon commercialization.
Gritstone filed for a shelf offering of up to $690M last week.
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Arcus Biosciences

Feb. 01, 2021 8:24 AM ETArcus Biosciences, Inc. (RCUS)By: Khyathi Dalal, SA News Editor3 Comments
Arcus Biosciences (NYSE:RCUS) announced that Gilead Sciences (NASDAQ:GILD) increased its ownership in the company to 19.5% from ~13% through the purchase of 5.65M additional shares at $39/share.
"The proceeds from this financing will support and enable the acceleration of our development plans for our four clinical-stage molecules, including AB680, our small molecule CD73 inhibitor, for which we recently presented encouraging data in first-line metastatic pancreatic cancer," CEO Terry Rosen, Ph.D. commented.
Post this investment, Arcus expects its cash and investments to fund its operations through at least 2023.
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Vertraagd 25 feb 2021 22:00
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