GILD – Management’s optimism regarding market share, financial strength, and Yescarta, coupled with overly bearish market expectations, imply longer-term upside is likely

• • Gilead Sciences, Inc. (GILD:USA) currently trades near historical lows relative toUAFRS-based (Uniform) Earnings, with a 9.3x Uniform P/E, implying bearish expectations for the firm. However, management is confident about market share, financial strength, and Yescarta, supporting longer-term upside
  • Specifically, management is confident in their HCV market share, and in their ability to aggressively pursue opportunities such as acquisitions and partnerships with other companies as they see them. Additionally, they are confident that cancer centers will believe Yescarta is a therapy that works well. In conjunction with overly bearish expectations, this implies that longer-term equity upside remains justified