Jefferies Comments On Gilead Sciences 1Q11 Results

According to Jefferies, Gilead Sciences GILD reported 1Q11 earnings that fell below its and Street expectations, with shortfalls in both the U.S. and Europe. Jefferies said that the company believes that underlying demand for its HIV drugs in both geographies are strong, and provided a decent rationale for the miss. “Nonetheless, we continue to see the stock as range-bound due to long-term concerns around the patent cliff and more clarity around the business development strategy.” Gilead Sciences closed yesterday at $40.78.