Truist Securities has kept a Buy recommendation and a $145.00 price target on shares of Gilead Sciences (NASDAQ:GILD) after conducting proprietary diligence and key opinion leader checks focused on the company’s HIV business. The research note underscores the centrality of that franchise to Gilead’s valuation and highlights additional therapeutic areas that could support sustained growth.
Valuation and market performance
Truist’s $145 target sits close to InvestingPro’s Fair Value estimate and follows an analysis that attributes roughly 70% of Gilead’s modeled fair value to its HIV franchise. The firm’s note reiterates that the HIV portfolio is a major contributor to the company’s top-line and margin profile, within a fiscal framework that includes $29.09 billion in revenue and a gross profit margin of 78.72%.
At the time of the report, the stock was trading at $139.92 and has delivered strong returns over the prior 12 months, with a reported 50.25% gain.
Competitive and script dynamics
Truist framed its conclusions amid what it described as an "intensifying debate" about script trends and the outlook for specific Gilead HIV products, including Yeztugo and Biktarvy, as well as broader competitive pressures across HIV treatment and PrEP markets. The note acknowledges that these market dynamics are under scrutiny but finds the firm’s position durable based on its diligence.
The firm expects Gilead to continue executing on multiple product introductions, naming BIC/LEN among the launches it expects will help sustain the company’s market position. Truist’s assessment suggests that ongoing commercial execution across the HIV portfolio will be critical to maintaining the franchise’s valuation contribution.
Pipeline catalysts and cross-portfolio upside
Beyond HIV, Truist flagged potential catalysts in oncology, immunology and other pipeline areas that could provide additional upside and support what the firm describes as a path to durable multiyear growth. These prospective drivers were highlighted as supplementary to the company’s established HIV revenues rather than replacements.
Recent developments and peer analyst views
The report referenced recent activity around Gilead’s Yeztugo launch and insurance coverage expansion. Truist increased its price target to $145 while maintaining its Buy rating following a pre-report on Yeztugo and reports of expanded payer access. BMO Capital raised its own target to $150, citing momentum in Gilead’s HIV business and noting Yeztugo produced approximately $150 million in fiscal year 2025 sales. The drug’s coverage was noted as exceeding 80% after confirmation of coverage from CVS.
Clinical progress was also cited. Gilead reported that a combination of Trodelvy and Keytruda produced a 35% reduction in the risk of disease progression or death in a trial for metastatic triple-negative breast cancer. Those results, published in The New England Journal of Medicine, showed improved progression-free survival relative to standard care.
Other sell-side activity referenced in the note included Bernstein reiterating an Outperform rating with a $135 price target—calling out the Yeztugo launch as a central growth strategy—and UBS maintaining a Buy rating with a $145 target, highlighting early Yeztugo performance following CVS access.
Conclusion
Truist’s reaffirmation of a Buy rating and a $145 target is rooted in a concentrated view of Gilead’s HIV franchise as the primary driver of value, with additional upside potential from oncology, immunology and other pipeline programs. The firm’s stance reflects optimism about Gilead’s commercial execution on new launches and the accumulation of payer access for key products, while acknowledging debate about script trends and market competition.