Gilead Sciences (NASDAQ:GILD), the biotechnology firm that makes therapies for HIV and Hepatitis C (HCV), contributed 73 bps to the Fund’s return, as the stock climbed from $70.84 to $77.21 for a total return of 9.8%. Despite the announcement that CEO John Milligan will leave the company by year end, the stock was up, as Gilead reported strong demand for its HIV medicine and promising data from its clinical trials. After two years of revenue declines, investors were encouraged that sales might start moving higher again. Demand trends in the HIV market remained healthy and management reported a more stable and predictable HCV business, with pricing pressure and share losses moderating.
From Jerome Dodson (Trades, Portfolio)'s third-quarter 2018 Endeavor Fund shareholder letter.
