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GILD CC comments

|Includes: Gilead Sciences, Inc. (GILD)

GILD Q4 conference call went very well.  
1.  Expanding sales force in HPV will drive higher sales in 2010. 

85% of new patients are on one form if Gilead's HIV's drugs.

2.  Government funding for HIV programs will continue to drive adoption.  

Ryan White Treatment Act adopted at the end of October will provide    $2.3 billion in funding in fiscal 2010 with annual increases through fiscal 2013

3.  Valuation continues to be compelling.

Rev growth of 17% to 19%
EPS 15%
$3.9 B in cash on balance sheet.  $3B in operating cash flow in 2009.
P/E  13.78 on next years earnings.
Discount to earnings. 

1.  PDUFA date on 2-13-2010 will create volatility.
2.  $5m benefit from FX.
3.  Tamiflu sales boosted operated margins, but are seasonal.


Disclosure: No positions