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

s $150,000 per year for treatment. Conversely, other drugs are super- expensive but are worth it. There was an outcry over paying $1,000 per pill for Sovaldi. But it helps cure hepatitis C and has shown to be cost effective. While the Australian system of price controls is one approach, another possibili

al trials on humans, only ro percent secure F.D.A. approval. Regardless of the risks, many drug companies are making huge profits. Gilead, maker of Sovaldi, has profits of around 5o percent. Biogen, Amgen and other biotech firms have profits of around 30 percent. Merck and Pfizer are seeing profits of

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

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

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

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

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

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

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

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.