RBC Capital says that biotech stocks are "somewhat insulated" from the economic uncertainty caused by Brexit. RBC says that since biotech companies provide life-saving drugs, their orders from the EU should not be significantly affected by Brexit, and biotech is generally less sensitive to economic fluctuations, while biotech companies generally have low exposure to the U.K. It identifies Celgene (CELG) as its favorite biotech name to buy on weakness, saying that the stock will likely rebound once the market recovers. Given Amgen's (AMGN) low multiple and low exposure to the EU, it's one of the more defensive names in the sector, while Gilead's (GILD) low P/E ratio and "huge buybacks" provide support for that stock, RBC stated.

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Consensus $3.67. Sees FY24 product sales $27.1B-$27.5B.

Reports Q1 revenue $6.7B, consensus $5.92B. "Gilead delivered another strong quarter of revenue growth in the first quarter with 6% year-over-year growth in our base business driven by HIV, Oncology and Liver Disease," said Daniel O'Day, Gilead's Chairman and Chief Executive Officer. "The acquisition of CymaBay brings us another potentially transformative therapy for people with liver disease, and a regulatory decision on seladelpar is expected in August. New HIV data demonstrates the continued progress in our long-acting HIV pipeline, and we look forward to providing updates on this and our broad Oncology portfolio throughout the rest of 2024."