Oppenheimer sees limited near-term impact from Gilead HIV approval

Oppenheimer says that while the firm generally agrees with consensus that Yeztugo “has multi-blockbuster potential,” its model assumes a slow ramp that initially cannibalizes Descvoy’s market share. The injectable Apretude has had a sluggish launch, but Yeztugo is different in requiring only two clinic visits a year, the analyst tells investors in a research note. Opco believes a negative Supreme Court decision in Kennedy versus Braidwood “would most certainly create near-term headwinds.” Given the current political environment, adoption into more commercially mainstream markets will be needed to realize Yeztugo’s full potential, contends the firm. It reiterates an Outperform rating on Gilead (GILD) with a $125 price target