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0.50 1.32 O3 (Sep) 0.52 1.18 O4 (Dec) 0.55 1.63 FY 2.05 5.61 6.52 7.54 Bloomberg EPS FY ($1 2.00 6.05 7.60 8.67 Source: Company On. Bloomberg. Morgan eabmates. North America Equity Research 22 May 2014 Overweight mum ►aces ua GILD, GILD US Price: $81.81 Price Target: $100.00 US B
erse: Meacham, Geoffrey: AMAG Pharmaceuticals (AMAG), Acorda Therapeutics Inc. (ACOR), Agios Pharmaceuticals (AGIO), Alexion Pharmaceuticals (ALXN), Alnylam Pharmaceuticals (ALNY), Amgen Inc (AMGN), Biogen Idec (BIIB), Celgene (CELG), ChemoCentryx, Inc. (CCXI), Dynavax (DVAX), Enanta Pharmaceuticals (ENTA), Gilead Scien
N STANLEY RESEARCH NORTH AMERICA 7.1;r4.-.713er Jey e C.; _LC. Matthew Harrison • David Friedman. M. Key Ratios and Statistics Reuters: GILD.O Bloomberg: GILD US Biotechnology / United Stales of America Shr price. close (Jul 23. 2014) $90.34 Mkt cap. curt (mm) $152.143 62-Week Range $90.74-55.9
ally owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Akebia Therapeutics Inc. Alnylam Pharmaceuticals, AMAG Pharmaceuticals. Inc.. Auxilium Pharmaceuticals. Cubist Pharmaceuticals Inc., GW Pharmaceuticals PLC. Idenix Pharmaceuticals. Inc., ImmunoGen
owing cash. PAORGAN STANLEY RESEARCH NORTH AMERICA _LC Matthew Harrison r12 714 62:» David Friedman, Key Ratios and Statistics Reuters: BUB.0 Bloomberg: BIIB US Biotechnology / United Stales of America Shr price. close (Jul 22. 2014) $303.67 Mkt cap. curt (mm) $72.313 52-Week Range 5358.89-203
ally owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Akebia Therapeutics Inc. Alnylam Pharmaceuticals, AMAG Pharmaceuticals. Inc.. Auxilium Pharmaceuticals. Cubist Pharmaceuticals Inc., GW Pharmaceuticals PLC. Idenix Pharmaceuticals. Inc., ImmunoGen
Entities connected to both Bloomberg L.P. and Alnylam Pharmaceuticals

United States
LOCATION
Hong Kong
LOCATION
Frankfurt
LOCATION
Tokyo
LOCATION
Morgan Stanley
ORGANIZATION
Reuters
ORGANIZATIONthe Financial Services Board
ORGANIZATIONBank Street
ORGANIZATION
Kowloon
LOCATIONViews
ORGANIZATIONInvestment Thesis
ORGANIZATION
Biogen
ORGANIZATIONthe Monetary Authority of Singapore
ORGANIZATIONDavid Friedman
PERSONRegeneron Pharmaceuticals Inc.
ORGANIZATIONConsensus
ORGANIZATIONNPS Pharmaceuticals
ORGANIZATIONSingapore) Pte
ORGANIZATIONVersartis
ORGANIZATIONSovaldi
PERSON