Deutsche Bank Markets Research Rating Buy North America United States Health Care Biotechnology Company Gilead Sciences Alert Reuters GILD.OQ Bloomberg GILD US Exchange NMS Ticker GILD Atripla recall is NOT an issue - DB thoughts post mgmt convo We have gotten many questions around Gilead's Atripla and the voluntary recall that posted to the FDA site. We spoke to mgmt and here is their take MGMT COLOR: On a typical quality check Gilead found small particles and proactively issued a voluntary recall of 39K bottles ONLY. Gilead took it upon themselves to contact the agency and issue the voluntary recall of these lots. This is from their 3rd party manufacturer in China that only makes Atripla. Gilead has multiple manufacturers for Atripla. Management reiterates that this is a very minor issue The company has more than enough Atripla supply. Here is the link to the FDA report http://www.accessdata.fda.gov/scripts/enforcement/enforce_rpt- ProductTabs.cfm?action=select&recall number=D-10902014&w=03052014&lang=eng We would be buyers on the weakness today. The fundamental story on base biz and Sovaldi buy case intact. Reiterate Buy and $132 TP. Date 6 March 2014 Breaking News Price at 5 Mar 2014 (USD) Price target 52-week range Robyn Karnauskas Alethia Young Research Analyst EFTA01462405