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Merrill Lynch maintains Gilead at neutral rating
Gilead Sciences Inc. was maintained by Merrill Lynch analyst Eric Ende at a neutral rating after Gilead reported better-than-expected third-quarter earnings of $0.38 a share versus Merrill Lynch and consensus estimates of $0.37 a share. Third-quarter earnings were driven by strong Truvada sales, but guidance for the fourth-quarter shows a possible decline in HIV franchise sales. Even if HIV sales beat expectations, Merrill Lynch said the company has low pipeline visibility. Shares of the Foster City, Calif.-based biopharmaceutical company were down $2.22, or 4.60%, at $46.01 on volume of 11,686,195 shares versus the three-month running average of 3,636,390 shares.
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