GILD—You may be right as to the p/e, but I would say that it is because the uncertainty about the HCV business a few years out.
It depends on whom you ask. In my opinion, GILD’s HCV business will plateau at a high level and stay there for several years, while GILD’s HIV business is at-risk for being halved or worse as soon as 2017.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”