吉利德科学（GILD）：准备获批？对6/19 PDUFA +推出动态的思考

Equity ResearchJune 13, 2025Michael J. Yee * | Equity Analyst(415) 229-1535 | michael.yee@jefferies.comDina Elmonshed * | Equity Associate+1 (212) 778-8388 | delmonshed@jefferies.comKyle Yang, CFA * | Equity Associate(212) 284-2260 | kyle.yang@jefferies.comMatthew Hagood * | Equity Associate+1 (212) 778-8293 | mhagood@jefferies.comMadeleine Lee * | Equity Associate+1 (212) 778-8733 | mlee6@jefferies.com$112.05^$130.00 | +16%$119.96 - $62.69FLOAT (%) | ADV MM (USD)98.8% | 955.18$141.1B^Prior trading day's closing price unless otherwise Exhibit 1 - Descovy vs Lenacapavir Consensus Sales.Source: Visible Alpha, Jefferies.Exhibit 2 - Monthly TRx for Total PrEP Market From 2019-2025.Source: IMS, Jefferies Research.Exhibit 3 - 95% of people currently on PrEP would want to swap to Lenacapavir for Q6M injections.Source: SurveyMonkey, Jefferies Research.Please see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 4 - 95% of those interested in LEN would also swap within 6-12 months of approval.Source: SurveyMonkey, Jefferies Research.Please see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionGilead SciencesGilead is a leader in the development and marketing of anti-viral drugs, with approved products for the treatment of HIV/AIDS, Hepatitis C, HepatitisB, liver, and has a growing portfolio of approved drugs for cancer. Gilead is developing a deep pipeline of antivirals, liver disease, immunology andoncology drugs and has an extensive worldwide sales and marketing infrastructure around the world.Company Valuation/RisksGilead SciencesOur price target is based on a pipeline-adjusted DCF and multiple of our EPS estimate. Risks include competition, pipeline disappointments, and worse-than-expected sales.Analyst Certification:I, Michael J. Yee, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Dina Elmonshed, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Kyle Yang, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Matthew Hagood, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Madeleine Lee, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10