Leerink Partners increased its price target on Gilead Sciences (NASDAQ:GILD) to $146.00 from $114.00 and maintained an Outperform rating on the shares. The new target sits near broader market assessments, as Gilead shares trade close to a 52-week high of $141.71 after returning roughly 48% over the past year.
The upgrade reflects mounting confidence in the commercial rollout of Yeztugo - the company’s lenacapavir formulation for pre-exposure prophylaxis (PrEP) - and a renewed appreciation for the strength of Gilead’s broader HIV pipeline. Leerink pointed to prescription data that show meaningful early uptake for Yeztugo, noting that fourth-quarter 2025 market share has already reached parity with GSK’s injectable PrEP, Apretude.
According to the firm, Yeztugo’s adoption is supported by expanding access: about 75% of insured lives are reportedly covered without payer co-pays or restrictions. Leerink also highlighted inclusion in clinical guidelines and the adoption of buy-and-bill practices in larger HIV clinics as tailwinds for continued uptake. The analyst team emphasized lenacapavir’s strategic value as an anchor for less-frequent-dosing treatment regimens.
Leerink expects management to discuss a constructive launch narrative when Gilead reports fourth-quarter 2025 results, which the firm notes are due in 11 days on February 10. Alongside launch commentary, Leerink anticipates guidance that points to modest year-over-year growth in both revenue and earnings, forecasting 3.9% revenue growth and 8.4% earnings growth for the period. Those projections compare with consensus estimates of 3.6% revenue growth and 9.8% earnings growth.
Financial metrics cited alongside the note include a 3.27 "GREAT" financial health score from InvestingPro and a 2.26% dividend yield, reflecting Gilead’s 11th consecutive year of dividend increases.
On the oncology front, Leerink signaled 2026 as a pivotal year for Gilead’s cancer business, anticipating likely FDA decisions for therapies including anito-cel and Trodelvy. The firm added that much of the upside tied to those potential approvals is already reflected in the current stock price after strong clinical readouts.
Other broker updates referenced in the note underline the industry-wide reassessment of Gilead’s prospects. Truist Securities reaffirmed a Buy rating and raised its price target to $145, pointing to confidence in the HIV franchise and widening insurance coverage for Yeztugo. BMO Capital Markets also raised its price target, to $150, and kept an Outperform view while noting momentum in the HIV business and reporting that Yeztugo generated roughly $150 million in fiscal 2025 sales. Bernstein SocGen Group reiterated an Outperform rating with a $135 target, citing the Yeztugo launch as a central growth driver into 2026.
Clinical developments highlighted alongside the analyst actions include data from Gilead’s Phase 3 ASCENT-04/KEYNOTE-D19 trial. In that study, the combination of Trodelvy and Keytruda was associated with a 35% reduction in the risk of disease progression or death for patients with metastatic triple-negative breast cancer, and a median progression-free survival of 11.2 months. The study’s results were published in The New England Journal of Medicine.
In sum, Leerink’s move to raise its target appears rooted in tangible early commercial traction for Yeztugo and a pipeline that the firm views as increasingly valuable. The firm expects upcoming quarterly results to reaffirm the launch story and provide modest growth guidance, while noting that key oncology catalysts expected in 2026 have already been largely priced into the stock.
Key points
- Leerink raised Gilead’s price target to $146 from $114 and kept an Outperform rating, citing Yeztugo adoption and an improved view of the HIV pipeline.
- Yeztugo prescriptions show early commercial traction with 4Q25 market share matching Apretude and about 75% of lives covered without payer co-pays or restrictions, supporting broader uptake.
- Analysts expect commentary on the Yeztugo launch at Gilead’s 4Q25 results due February 10 and see 2026 oncology approvals as important but largely reflected in current valuations.
Risks and uncertainties
- Future growth depends on continued commercial adoption of Yeztugo and the extent of payer coverage expansions - outcomes that remain subject to change and will impact Gilead’s HIV revenue trajectory.
- Regulatory outcomes for oncology assets such as anito-cel and Trodelvy in 2026 are important to the company’s outlook but, if delayed or different than expected, could alter valuation assumptions that currently embed these catalysts.
- Near-term guidance and actual reported results around 4Q25 revenue and earnings could diverge from both Leerink’s and consensus estimates, affecting investor sentiment in the healthcare and pharmaceutical sectors.