BMO Capital has increased its price objective for Gilead Sciences (NASDAQ:GILD) to $150.00, up from $135.00, while retaining an Outperform recommendation on the stock. The firm pointed to accelerating momentum in Gilead's HIV business as a key rationale for the lift.
Central to BMO Capital's assessment is the commercial start for Yeztugo. The research note highlights that Yeztugo generated roughly $150 million in sales in fiscal year 2025. BMO emphasized that CVS recently confirmed coverage for Yeztugo effective January 1, a development that has pushed the product's coverage above 80 percent.
The firm interpreted that coverage milestone as meaning virtually all major pharmacy benefit managers have agreed to include the drug, and it noted that about 90 percent of covered patients are on plans requiring no co-pay. BMO said these trends set the product up for continued momentum into 2026.
Beyond Yeztugo, BMO flagged sustained strength across Gilead's pre-exposure prophylaxis, or PrEP, franchises as another driver of the firm's positive stance. The research note also observed that the company has progress in obesity and Type 2 diabetes programs that remain relatively low profile, and it cited the potential for an update on GS-4571 Phase 1, possibly arriving in 2025, to attract increased investor attention.
On the corporate side, BMO called out Gilead's solid balance sheet and the potential for additional small-scale, or "tucking style," acquisitions similar to the Cymabay transaction, suggesting available financial flexibility for strategic deals.
Separately, Gilead reported results from the Phase 3 ASCENT-04/KEYNOTE-D19 trial. According to the company release, the combination of Trodelvy and Keytruda reduced the risk of disease progression or death by 35 percent in patients with first-line PD-L1-positive metastatic triple-negative breast cancer. Median progression-free survival was 11.2 months with the Trodelvy-Keytruda regimen versus 7.8 months for Keytruda plus chemotherapy.
Other broker activity referenced in the note underscores the recent analyst attention. Bernstein, UBS, and BMO Capital have reiterated their positive views on Gilead, with price targets noted at $135 and $145 in that commentary. UBS additionally called out the promising launch of Yeztugo, describing it as a twice-yearly PrEP treatment that is performing well and has confirmed CVS access.
Bank of America Securities also raised its price target for Gilead to $154, citing the strength of the company’s HIV franchise. In BofA's view, Biktarvy and Descovy performed strongly in 2025, with Biktarvy continuing to be viewed as a preferred treatment option.
Taken together, the analyst actions and clinical data presented in these updates form the basis for continued investor focus on Gilead's commercial and pipeline execution, while the firm's balance sheet position supports potential tactical deal-making.