Wells Fargo notes Gilead (GILD) announced a settlement for Biktarvy, which would elongate the U.S. patent to April 2036 from current December 2033. The firm thinks Biktarvy patent expansion gives a longer runaway to Gilead and puts it in the bracket of AbbVie (ABBV). Wells sees $6-$12/share upside do DCF. The firm has an Overweight rating on Gilead with a price target of $140 on the shares.
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