Biotech Values

[Rocky3]

From same Wells report:

• GILD: Coming out of our meeting with ENTA, whose PI ABT-450 is part of ABBV’s “3D” all-oral HCV
regimen expected to compete with GILD once potentially approved end-December, our sense continues to
be that ABBV will highlight commercially how well and consistently their regimen performs in difficult to
treat patients like cirrhotics and difficult to treat patients--noting that these will likely be the types of
patients preferentially diverted to treatment by payers. We continue to believe ABBV’s regimen will take
reasonable share that behind-the-scenes discounting could help foster, but that the experience with and
better profile of GILD’s Sovaldi-based regimens will enable GILD to retain its leading position.