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

(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 generic this year in Europe. In US, it will go generic in 2015. There is a step-down function of the royalty payments ove

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

(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 generic this year in Europe. In US, it will go generic in 2015. There is a step-down function of the royalty payments ove

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

(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 generic this year in Europe. In US, it will go generic in 2015. There is a step-down function of the royalty payments ove

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

iance MSe 2O14E MSe %YiY July 23. 2014 Gilead Sciences inc. 2O14A Actual % Y/Y Difference Consensus 2O14E* Difference Product Sales (WW): Atripla $923 -2% $871 -7% -6% $875 ($4) 0% Tmvada $807 0% $807 0% 0% $789 $18 2% Viread $269 8% $261 4% -3% $237 $24 10% Complerai

r-D-1090- 20148m=03052014&langreng EYE 12/-31 2013A We would be buyers on the weakness today. The fundamental story on base to EPS 0.48 biz and Sovaldi buy case intact. Reiterate Buy and $132 TP. 6 March 2014 Breaking News Price at 5 Mar 2014 (USD) Price target 52-week range fieth.0 [ht/Sk.It.

North Anterica United States Health Care Biotechnology Company Gilead Sciences Alert Re...ty s GILD.00 4. enOn Tgte; GILD US NMS GILD Atripla recall is NOT an issue - DB thoughts post mgmt convo We have gotten many questions around Gilead's Atripla and the voluntary recall that posted to