When Will Gilead Make Its M&A Move?
While HCV sales continue to slow due to a lengthy list of factors, Gilead is seeing a strong launch for revised HIV combo therapies incorporating TAF – but most analysts believe that major M&A is needed to offset stagnation.
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CEO John Milligan offered few details about Gilead's deal strategy during an investor conference last week, but analysts think internal pressure for a major deal is beginning to equal the external sentiment, including an analyst who sees Incyte as a likely target, but not a quick fix for Gilead's declining HCV drug sales.
Sharply declining HCV sales, three upcoming patent expirations and a lack of near-term pipeline prospects other than HIV candidate bictegravir leave the specialty firm needing to spend some of its gigantic cash reserves on assets to revitalize its portfolio and/or stimulate the R&D engine.
Hiring new head of oncology away from Novartis has some watchers expecting cancer-focused business development by Gilead, but the company still thinks it can grow its HCV and HIV franchises and win the day with multiple candidates in NASH.