Driven by the stellar start of its hepatitis C drug Solvadi, Gilead Sciences (upgrade from Attractive to Buy*) massively exceeded market expectations with its Q1 earnings (EPS USD 1.48 versus consensus USD 0.91). Gilead is one of the pillars of the healthcare franchise in our US model portfolio. On the back of this strong result and the favorable valuation (significant discounts based on P/E and EV/EBITDA), we increased our rating to Buy*.
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