Moody's alters Gilead outlook to stable

Moody's Investors Service said it changed Gilead Sciences, Inc.’s outlook to stable from negative and affirmed its ratings, including the A3 senior unsecured rating.

"The outlook revision reflects considerable progress made at deleveraging since the October 2020 Immunomedics acquisition, reducing downward rating pressure," stated Michael Levesque, a Moody's senior vice president, in a press release.

"Despite uneven pipeline execution following the acquisition, Moody's believes that Trodelvy will still provide Gilead with long-term earnings and cash flow. Further, Gilead's credit profile remains supported by the strength of its HIV franchise and its generally conservative financial policies," Levesque continued. Moody’s said it expects Gilead’s debt/EBITDA to remain below 3x.

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