JMP reiterates Gilead at market perform

Gilead Sciences Inc. was reiterated at market perform by JMP Securities analyst Adam Cutler after the company reached a settlement with Roche regarding their Tamiflu dispute. Gilead will receive tiered royalties of 14% to 22% of Tamiflu sales and has the option to co-promote the product. Cutler raised the earnings-per-share estimate for 2005 to $1.66 from $1.52 and for 2006 to $2.01 from $1.76. Shares of the Foster City, Calif.-based biopharmaceutical company were down 88 cents, or 1.58%, at $54.75 on volume of 22,019,616 shares versus the three-month running average of 3,731,640 shares.

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