Epstein Secrets

DB price target of $132 Used with permission of Bloomberg Finance LP Forwarded =y Tazia Smith/db/dbcom on

ript trends in the US. Our new WW quarterly estimates are $1.21B, $1.91B, $1.32B, and $1.27B. In Gilead's early survey work, mgmt has found tha= the Sovaldi mix roughly reflects real world US genotypic mix (70%671 and 30% in GT 2 &3). We calculate every 1K new starts to Sovaldi could add $250M-$300M in

ssification: Public Gilead Sciences (Buy, CP: $82.02, TP: $132.00, GILD.OQ, Robyn Karnauskas)</=> 4Q13 update: light taxes create more leverage for Sovaldi 4Q13 product revenues beat consensus by - $250M led by inventory & Sovaldi Sovaldi 4Q13 sales were $139M vs. $75M consensus. Pure demand was roughl

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

housing and inventory destocking ahead of the all-oral launch as potential contributing factors. Sovaldi still the centerpiece: Near and long-term Sovaldi sales continue to dominate the debate. On the near-term, guidance seems to imply a seq. deceleration for 3O followed by an uptick in 4O after the a

ight Industry View In-Une J , 21 2: I - Gilead Sciences Inc. HCV Still Near and LT Focus Upside Sovaldi (4611M vs cons) drove a $0.57 EPS beat: Sovaldi (4611M), Truvada (+$18M), Viread (+$24M) and Complera (+$22M) drove the $685M rev beat vs cons. Better gross margins (89% vs MSe 86%) and a lower

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

tribild, in particular) are underappreciated in Street models. Gilead is also well on its way to repeating this story in hep C with the addition of Sovaldi. As such, we believe a PIE multiple inline to above that of the large-cap group is justified given the growth outlook and where GILD is currently tr