Citi says Gilead’s (GILD) HIV franchise remains its biggest value driver. The firm believes a strong launch of lenacapavir in pre-exposure prophylaxis and expansion of several “differentiated” combos in HIV treatment should more than offset potential inclusion of Biktarvy in 2028 Inflation Reduction Act negotiations and “nominal changes” to HIV prevention policy. Citi remains “very bullish” on Gilead’s HIV franchise, based on a “meaningful” new product cycle for long-acting orals that it thinks is overlooked by investors. It now models Biktarvy 2030 peak sales of $15B and keeps a Buy rating on Gilead with a $125 price target
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