Piper Jaffray analyst Joshua Schimmer said the implications of Brexit on biotech companies are unclear, though he added that currency may be the biggest impact. Alexion (ALXN) BioMarin (BMRN) and Gilead (GILD) are exposed to a greater extent to foreign exchange impacts, Celgene (CELG) is "in the middle" of the group and Biogen (BIIB) and Amgen (AMGN) are less exposed, Schimmer tells investors. Additionally, shipping product in Europe may become more complex and it is unknown whether GDP changes as a result of this will lead to a new set of IPAB calculations, the analyst added.

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Cantor Fitzgerald lowered the firm's price target on Gilead to $75 from $78 and keeps a Neutral rating on the shares. The firm, which made slight adjustments to all of its large-cap biotechnology models ahead of Q1 earnings season for the group, lowered its target for Gilead given slower expected HIV growth. The "usual seasonal headwinds that typically make this one of the weaker quarters for the industry," the analyst added in the preview note.