Gilead Sciences (NASDAQ: GILD) scored a win against alleged counterfeiters as a federal judge in New York ordered the freezing of assets of different people and entities accused of distributing counterfeit bottles of the biopharmaceutical company’s HIV drugs, Reuters reported on Thursday.
The report stated that according to court filings, Gilead has been pursuing these counterfeiters and has unearthed a massive nationwide operation “staggering in scope” which is responsible for selling millions of dollars worth of counterfeit bottles of its top sellers Descovy, Genvoya, and Biktarvy.
Reuters stated that HIV drugs made up around 60% of Gilead’s $12.6 billion revenue in the year’s first half.
Is GILD a Buy?
Analysts are cautiously optimistic about GILD with a Moderate Buy consensus rating based on five Buys and 10 Holds.
GILD stock has an average price forecast of $72.43 implying an upside potential of 13.3% at current levels.
