Street View: Gilead’s launch wave faces a few hiccups

Gilead Sciences GILD.O said on Thursday its HIV drug sales rose 4% to $5.3 billion in the third quarter, including $39 million for its new prevention drug Yeztugo, helping to boost its profit

Shares down nearly 2% at $116.55 in premarket

PRICING PRESSURES

J.P. Morgan ("overweight," PT: $150) says outside of HIV, the launch of Livdelzi for liver disease and better cost control should help boost earnings

RBC Capital Markets ("sector perform," PT: $105) sees medium-term revenue growth from key launches like Yeztugo (HIV prevention) and anito-cel (cancer cell therapy), but warns of older product declines and pricing pressures

Truist Securities ("buy," PT: $127) expects continued challenges in cell therapy and thinks expectations for Yeztugo’s performance may have been set higher than current forecasts

TD Cowen ("buy," PT: $125) says Yeztugo sales likely affected by insurance coverage issues