Morgan Stanley Maintains Positive Outlook on Gilead Sciences, Highlighting HIV Prevention Franchise
Following private meetings with Gilead Sciences (GILD) leadership at Morgan Stanley’s Global Healthcare Conference in September 2026, the bank reaffirmed its Overweight rating for the stock. The discussions emphasized Gilead's robust drug portfolio and strong patent protection through 2036, positioning it well amid a challenging biopharma landscape. The HIV prevention franchise—centered around Yeztugo, launched in 2025—is highlighted as a key growth driver for the company. Morgan Stanley noted that Yeztugo is attracting both new patients and those switching from existing PrEP options, with strong patient retention rates observed after six months of use. Yeztugo's first full year sales are projected at around $1 billion, contributing to an estimated annual prevention portfolio revenue of about $4 billion. With the HIV prevention market growing 14-15% annually and only a small portion penetrated (25%), Morgan Stanley sees continued momentum for Gilead’s stock.
Topics: Gilead Sciences HIV prevention Morgan Stanley Overweight rating