Citi maintains a Buy rating on Gilead (GILD) with a $125 price target after the company announced the approval of Yeztugo for pre-exposure prophylaxis to reduce risk of HIV in adults and adolescents weighing at least 35 kg. The approval “marks a significant event” for the pre-exposure prophylaxis market and is a “key growth driver” for Gilead’s HIV franchise, the analyst tells investors in a research note. Citi expects the ramp to be “slow and steady” as access comes online, but remains positive on the program over the long term. It models 2030E Yeztugo PrEP sales of $2.8B versus the $2.3B consensus. The strength of Gilead’s HIV franchise, coupled with lenacapavir’s imminent launch and anticipated anito-cel updates in the second half of 2025 “should keep investors engaged with the story,” contends the firm.
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