Biotech Values

[Rocky3]

From Wells:

**IMS data for the week ending 3/6/15 became available this morning.
**Harvoni NRx, what we view as the most important measure of uptake, were approximately flat again this week, at 4,111
vs. 4,132 last week. TRx were 9,754, above last week's 9,553.
**Sovaldi NRx increased again slightly this week, at 753 (vs. previous 705), we believe continuing to reflect steady-state
in the GT-2/3 population.
**BOTTOM LINE: Continued steady HCV uptake, suggesting reasonable sustainability for a HCV franchise. We continue
to believe GILD is undervalued relative to peers even with the longer-term HCV uncertainties.