Gilead Sciences' (GILD) Yeztugo launch is off to a solid start, though not tracking towards a transformational prospect, RBC Capital Markets said in a Friday note.
Yeztugo is a prescription medicine used as HIV-1 pre-exposure prophylaxis to reduce the risk of getting HIV-1.
The report said feedback from a mini symposium, key opinion leaders and a payer showed a largely positive experience and improving access while noting challenges in catalyzing overall pre-exposure prophylaxis growth, and early bolus could slow.
"Overall, Yeztugo launch feels solid early, akin to a better Apretude...but not necessarily the mass-market transformational prophylactic we believe was initially hoped for," the report said.
The note added that this is likely reflected in consensus' $7 billion peak sales estimate and in its shares.
RBC kept its sector perform rating with a price target of $123.
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