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

iate Key changes EFTA01473355 Price target EPS (USD) Date 27 May 2015 Breaking News Price at 26 May 2015 (USD) Price target 52-week range Robyn Karnauskas Research Analyst (+1) 212 250-7591 52.00 26.98 - 8.09 50.00 to 52.00 t Source: Deutsche Bank Price/price relative 12 16 20 24 28 0 4 8