Gilead up after third-quarter results beat, forecast raise
Updates
** Drugmaker Gilead's GILD.O shares up 5.7% at $96.73; highest since April 2016
** Company'sQ3 results beat Wall Street expectations on Wednesday as sales climbed 7%, leading the drugmaker to raise its forecast for FY earnings
** Q3 adj EPS of $2.02 and Q3 rev. of $7.5 bln beat analysts' ests., according todata compiled by LSEG
** Company expects annual adj. EPS of $4.25 to $4.45, up from $3.60 to $3.90 projected earlier
** Raises FY24 product sales forecast to therange of$27.8 bln to $28.1 bln from previous expectation of $27.1 bln to $27.5 bln
** Gilead plans to file for U.S. regulatory approval of lenacapavir, a twice-yearly injection to prevent HIV infection, before the end of this year - CEO Daniel O'Day
** At least seven brokerages raise PT on stock
** J.P. Morgan, on Wednesday, raised PT to $105 from $100
** Gilead remains on track to launch lenacapavir in PrEP in 2025, where we expect relatively quick uptake - J.P. Morgan
** RBC also raises PT to $81 from $75
** Eighteen of 32 brokerages rate GILD "buy" or higher, 14 "hold"; their medianPT is $92.55 - LSEG data
** Including session's move, stock up 19.4% YTD
Reporting by Sukriti Gupta in Bengaluru
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