We need to work on Gilead but not till I get a few more shares :-). OK I am looking out a couple years and I guess he is looking more next couple quarters. I think the likely scenario is they keep doing some deals and get to 30% market share (I think they are 22 now) and GM stay in the low to mid 30's. I think in a couple years they could start approaching the 1.5 in EPS and with some luck maybe even $2. I think you have to give it at least a double digit PE and if people see it as continuing to grow (perhaps seeing them go into other markets and other product lines) the multiple gets much larger.
I think it was on some older calls be there were people clamoring for buybacks. Also someone pointed out a comp being sold at 10x EBITDA and Joffe pointing out it was only 9x I would settle for 8x or even 7x in a couple years :-).
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