Epstein Secrets

Classification: 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 roughly

are at 511.56. Reiterate Buy on valuation. We have increased our Sovaldi numbers in '14 by $700M to $5.7B We have taken up our numbers for US & EU Sovaldi over 2014 based on two trends 1) faster than expected launch in EU in a few countries (we previously assumed no sales in 1O in ELI) and 2) strong th

weighted calculations. This makes our weighted avg. tax rate for 2015 at -21%. Every 100bps tax rate impacts 2015 EPS by 10c (1.3% our of '14 EPS). Generic Sustiva will benefit COGS over next three years. We model COGS of 20% in '14 vs. 12% in '16 Sustiva (a component of Atripla not made by GILD) is going gener

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

eighted calculations. This makes our weighted avg. tax rate for 2015 at - 21%. Every 100bps tax rate impacts 2015 EPS by 10c (1.3% our of '14 EPS). Generic Sustiva will benefit COGS over next three years. We model COGS of 20% in '14 vs. 12% in '16 Sustiva (a component of Atripla not made by GILD) is going gener

arnauskas)</=> 4Q13 update: light taxes create more leverage for Sovaldi 4Q13 product revenues beat consensus by - $250M led by inventory & Soval=i Sovaldi 4Q13 sales were $139M vs. $75M consensus. Pure demand was roughly $50M in the quarter. Remainder of sales came from inventory stocking & purchase f

ublic font size=3> Gilead Sciences (Buy, CP: $82.02, TP: $132.00, GILD.0Q, Robyn Karnauskas)</=> 4Q13 update: light taxes create more leverage for Sovaldi 4Q13 product revenues beat consensus by - $250M led by inventory & Soval=i Sovaldi 4Q13 sales were $139M vs. $75M consensus. Pure demand was roughl

weighted calculations. This makes our weighted avg. tax rate for 2015 at -21%. Every 100bps tax rate impacts 2015 EPS by 10c (1.3% our of '14 EPS). Generic Sustiva will benefit COGS over next three years. We model COGS of 20% in '14 vs. 12% in '16 Sustiva (a component of Atripla not made by GILD) is going gener