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GILEAD SCIENCES NDQ-GLD EDEN 72.61 m 11.3(32)266 1.03 3.7% VALDE FE 11 0708 IMELINESS 2 SAFETY TECHNICAL 5 LINE Target Price Range 2013 2014 2015 18 Month Target Price Range KI OEM SSON PROJECTIONS Price 333 w institutional Decisione TOT RETURN 4 18 IN TH LES 2 Gined Sciences was neomonted in the 2010 11012 2013 2014 2015 2016 2017 2016 2017 2020 2021 ALIENHAUS state of Delaware in June 1967. The com 5.99 70 1022 pany completed is public offering in 11 2 8.77 1881 January 1982. Issuing 115 milion shares 11 32 Chh 11 7351181 IN 411 422 of common slock for both proceeds IN COM 1M 221 $86.25 milion. Two more lock offerings fol 29 272 20 De IN lowed, one of 3.mon shares og 30 . TA10.13 $50 million in December of 1992, and more 1582342 NO er of 4 million shares in August 1996 SLOVENSKO TUE MIT which raised $84.2 million in proceeds 10 M 45 44 CAPITAL STRUCTURE12011 2 Total Del Dunn 4054 22127 02200038 LTD 1220 LT Wees 033 48 Mono MM 2853 And wher, 2000 May SAN THEO warm water 33 11 4 12901 1900 1350100 of Cape MX Leses, Uncat1937 IN 56.3% 45 MUMBA HR hulle Ne Defined Ben Polo DOO 82 Waking Common Block 1.200.000 178012195 5245 3 1135 2011 MARKET CAP: Large Carl HN CURRENT POSITION 2017 2018 XXXIX NEN SEL Ich mua 255100 Rece wory (FPO) 01 Ghed Sciences de comme ud commerce 12. RADH one 161 1440 pary word. Ondo GO Quest TO WWW wa Dr Vanden www. Pey 814 Po & CO De Du 240 te QUAD). Com And Oy A. Add Www Video 2016 CAMEO 10 Menet www.com Current Gilead is working on a vaccine for the the current quarter. Gilead would buy ANNUAL RATES Pest Foto COVID-19 virus. The company is con FTSV for $95.50 share in cash.. ducting six trials with Infected patients proximately $4.9 billion. The buy ought to - around the world. primarily in the Wuhan.lster Gilead's cology portfolio. This is Seattle, and New York regions Gilead is because GILD I ostensibly purchasing Book 204 2055 TON using its intravenous antiviral drug im FTSV for Magretimal which is being GUARTERT VALIS desviar in the trials. The company expects tested to treat myelodysplastie syndrome trials by late April. Although medvir B-cell lymphome. The acquisition ought to 2011 5121 SO Is not FDA approved to combat any viral add $1.2 billion in annual revenues four 57 2122 2015 SE4 disease. It has shown some efficacy rently excluded from our presentation) 200 SW SEN Edvariation SARS, Glondade ghlighted by the pending on buy. We Into the ancelog space. This is Cat BARONGAPORE under An Sap.Decbase of less than 100.000). But consumer til cash flow generating ability to require desiv (the wality to treat population book GILB to memerlts substan proup and political outrage forced Gilead more comparties with promising cancer 2010 1.18 13 18 2010 154 142222 2020 not considered a rare disease, and will to This timely stock has par totale 14 IN 2021 18 19 Efect many more than 100.000 people. Cur turn potential. This is mainly because it QUARTERLY DIMENE rently, the medicine is being used in the same the few equities that has moved MDC est critical cases en compassionate p in price since our carly January report. basis. Huge demand for the drug has should Remes vir prove effective in tack 4 4 limited is availay Gilead has stated lingCOVID-18. would revisit our 2017 2010 that meer is a work in progres, and projections in a much more favorable light S 2 The growing generous, and well-covered 2018 not a panacea 39 Gillead intends to acquire Forty Seven dividend is appealing ay). The deal is expected to close in Jeremy Butler April TADA 52 ess Gilead Sciences Value Line Data Base Analysis 1 Compute current year top-line growth. 2 Compute current year bottom-line growth. 3 Compute current year current ratio. 4 Does Gilead Sciences have a positive dividend growth rate for the current year? (yeso) 5 Does Gilead Sciences have common stock worth over 90 billion dollars that was issued by investment banks at roughly 90 million dollars? (yeso) 6 Does Gilead Sciences have a solid eamings predictability? (yeso) 7 Would you consider Gilead Sciences a liquid company? (yeso) 8 Would you consider Gilead Sciences a profitable company? (yeso) 9 Compute current year cash flow in whole dollars. 10 Compute current year working capital 11 What is Gilead's market capitalization in whole dollars? 12 What is Gilead's 10 year annualized earnings growth rate? 13 What is Gilead's 1 year stock price return as of this report? 14 What is Gilead's current dividend yield? 15 What is Gilead's current price earnings ratio? 16 Would you consider Gilead Sciences an above average stock market risk company? 17 How much does Gilead distribute in cash in the form of a dividend relative to net income in the current year? (use a percentage in your response) 18 Would you consider your response to #17 a high value? 19 Does Gilead Sciences have a positive cost structure for the current year? (yeso) 20 What is Gilead Sciences working on a vaccine for? GILEAD SCIENCES NDQ-GLD 3.7% 123.4 10:31 70.3 14 21 se who RECENT IPE Training: 172 RELATIVE VALUE YLD LINE TIMELINESS 2 2000 High 28.6 248 21.7 38.6 76.1 116.8 8.3 89.5 203 70.5 86.0 15.9 172 20.7 63.5 850 SAFETY 60.3 Target Price Range 3 mm 60.9 LEGENDS 2023 2024 2025 TECHNICAL 5 420 MOON Cash Flow Rice Strongh L200 207 BETA 105 000. 2 for 13 Options 18 Month Target Price Range Sanded the Low High Midpoint to it 80 543-574 559 (-20% 2021-25 PROJECTIONS Ann' Total Price Gain Raum 15 -20 Institutional Decisions TOT RETURN 220 MLARI 650 Percent 666 746 1 yr. 10.8 88 GRO 7565 3 yr. 8.5 103038310212211024172 6.6 le lundi Syr -23.5 20.3 Gilead Sciences was incorporated in the 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 VALUE UNE PUB, LLC 23-25 state of Delaware in June of 1987. The com 4.96 5.57 6.39 7.30 16.60 22.95 23.20 17.26 17.60 18.15 Sales persh pany completed its initial public offering in 19.65 197 206 1.0 223 8.77 13.51 11.19 8.73 5.37 5.35 6.85 725 Cash Flowers 7.90 January of 1992, issuing 11.5 milion shares 1.66 1.78 1.64 181 735 11.91 9.94 760 422 5.70 8.10 Earnings persh of common stock for total proceeds of 6.65 123 184 2.08 228 272 2.90 Os Decld persh 2.14 $86.25 milion. Two more stock offerings fol .12 57 215 . lowed, one of 3.34 million shares raising Cap Spending persh 3.82 4.56 6.23 7.66 10.55 13.00 14.42 15.63 16.68 17.79 18.45 19. Book Value persh $50 million in December of 1992, and anoth-16040150621519219931220 13700 1300122016 20.95 1250 120 Common Shs Outorg 1220 er of 4 milion shares in August of 1995, 113 1733 311 122 971 177 175 Moors are Avg Ann IPE Ratio 115 which raised $94.2 million in proceeds. 75 .70 1.10 175 64 45 44 47 36 35 Value Relative PE Ratio 75 CAPITAL STRUCTURE as of 1201/19 1.25 225 2.9% 3.1% 3.45 Ang Ann Dvd Yield 2.5% Total Debt $24580 mil. Due In Yn 200 mil 7949435497025112022430328303038028107221272240 22000 2200 Sales Smil 23950 LT Debt 522094 m. LT Interest $803.9 mil. 53.0% 43.5 4.2509655571.4558.0% 19.0% 0.0% Operating Margin 57.5% Includes 18.6 shares underlying June, 2020 26653022 270210500 1000 10012860 1420 1405 100 Depreciation 1500 warrants with a strike price of $74.75.) 2013 280362501620748121011810013501 101285460.000 7125 7565 Nel Profil (50% of Capt 25.9% 23% 20.323.9% 18.5% 16,4% 21025.0% 30% NME 18.01% 12.5% Income Tax Rate Leases, Uncapitalized: $23.7 ml 35.5% 39.45 275 2745 480.4488%24.7% 24.0% 32.4% 326 Net Profit Margin 12.9% No Defined Benefit Pension Plan 3201114041886401993148/2112252018825231 2053720000 20000 Working Capi 21175 Common Stock 1.206,018,745 shs. 2008.67805.7705463871799121185 28346 30796 24574 2204 22000 2000 Long Term Debt Smile 22000 as of 1/11/20 6121373955091174515819 1854 1888720442 2137 22525 2.300 23078. Equity 25875 11.13 1605 - Year 330% 2015 16.6% 20.5% 44.45 MARKET CAP: 091.5 billion (Large Cap) 46.4% 30.5 20. 13.15 11.0% 18.5% 19.0% Return on Total Cap1 19.0% 4745 40.8% 27.1%202% 76.5% 71.5% 49.5% 25.5% 23.9% 31.0% 31.5% Return on St. Equity CURRENT POSITION 2017 31.5% 2018 12331/19476%408% 27.1% 262% 76.5% 87.6% 58.5% 382% SMTL) 11.6% 96% 10% 15% Ratained to Com Eg 16.5% Cash Assets 25510 30089 24352 10% 18% 27% 50% 60% 48% as Dia to Net Prod 07% Receivables 3851 3327 3582 Inventory (FFO) 801 814 BUSINESS: Gload Sciences discovers, develops, and commercial 902 rate: 124%, RAD expense: 14.0% of sales. Has about 6.820 om Other 1661 1440 tres proprietary treatments for viral diseases specifically HIVIAS, ployees. Officers and directors own 2% of common stock Current Assets 31823 35836 3026 influenza, hepatitis B and Cloukemia and Lymphoma) Drugs our Vanguard, 7.9%; BlackRock, 8.2%; Capital Research, 5.7% (4/19 Acets Payable 814 790 713 pertly on the market include Sovald. Harvoni, Sinbild formerly proxy). Chairman: John C. Martin Pro. President & CEO: Daniel Det Due 2747 2748 2499 known as the QUADI. Complere, Amloome, Atriple. TruvadaO'Day. Incorporated CA Address: 330 Lakeside Drive, Foster Cly. Other 8074 7067 6547 Viread. Embrie, Tamil, Valide and Meera 2016 depreciation CA 94404. Telephone: 650-574-3000. Internet: www.gled.com Current Liab. 74635 700059759 ANNUAL RATES Past Gilead is working on a vaccine for the the current quarter. Gilead would buy al change persh 10 Yrs. Past Espd 16. COVID-19 virus. The company is con- FTSV for $95.50 a share in cash, or ap 5 Yrs. 23-25 Sales 24.9% 25.5% -1.5% ducting six trials with infected patients proximately $4.9 billion. The buy ought to Cash Flow 28.0% 32.8% -10% around the world, primarily in the Wuhan, bolster Gilead's oncology portfolio. This is Earnings 10% 33.08 -15% Dividends 6.ON Seattle, and New York regions. Gilead is because GILD is ostensibly purchasing Book Value 24.5% 20.5% 3.5% using its intravenous antiviral drug Rem- FTSV for Magrolimab, which is being QUARTERLY SALES desivir in the trials. The company expects tested to treat myelodysplastic syndrome, Full endar Mar 31 Jun 30 Sep 30 Dec.31 to have some results from the first two acute myeloid leukemia, and diffuse large 2017 6505 7141 6512 5949 5107 trials by late April. Although Remdesivir B-cell lymphoma. The acquisition ought to 2018 5088 5648 5596 5795 2127 is not FDA approved to combat any viral add $1.2 billion in annual revenues (cur- 2019 5281 56855604 5879 2449 disease, it has shown some efficacy in rently excluded from our presentation) 2020 5400 5500 5500 5800 22000 fighting the HIN1 virus, as well as ebola, It appears as if Gilead is moving back 2021 5800 5620 5820 368052500 and a variation of SARS. Gilead had ap into the oncology space. This is plied for orphan drug status for Rem- highlighted by the pending FTSV buy. We Cal EARNINGS PER SHARE A endar Mar 31 Jan. 30 Sep.30 Dec.31 Year base of less than 200,000). But consumer tial cash flow generating ability to acquire desivir (the ability to treat a population look for GILD to use more of its substan- 2017 205 233 206 127 7.71 2018 1.18 1.39 1.60 NE 4.17 group and political outrage forced Gilead more companies with promising cancer 2019 154 147 0.92 2.12 422 2020 not considered a rare disease, and will in. This timely stock has subpar total re- 1.40 1.50 1.40 1.40 5.70 2021 1.50 1.80 1.50 1.50 fect many more than 200,000 people. Cur turn potential. This is mainly because it rently, the medicine is being used in the is one of the few equities that has moved Cal QUARTERLY DIVIDENDS PAD endar Mar 31 Jun 30 Sep.30 Dec 31 Ye most critical of cases on a compassionate up in price since our early January report. basis. Huge demand for the drug has should Remdesivir prove effective in tack- 2016 AT 47 47 2017 52 52 52 52 2.08 limited its availability. Gilead has stated ling COVID-19, we would revisit our 2018 57 57 5757 that Remdesivir is a work in progres, and projections in a much more favorable light 228 2019 63 63 53 53 22 not a panacea. The growing, generous, and well-covered 2020 Gilead intends to acquire Forty Seven dividend is appealing (FTSV). The deal is expected to close in Jeremy J. Butler April 3, 2020 (A) Dilled earnings. Owiely share wing in milions. Adjusted for its Company's Financial Strength In 2014 do not sum total due to change thic Dividend Initiated in second quarter 2015 Stock's Price Stability 70 share outstanding. Next tarring reporu Dividend payable at the end of March, June Price Growth Persistence 50 Border and Earnings Predictability 40

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