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|  | JULY 30, 2004
 WORD ON THE STREET Piper Jaffray Ups Gilead Sciences to Outperform Analyst Thomas Wei says his upgrade is based on the biotech firm's better fundamental performance Piper Jaffray upgraded Gilead Sciences (GILD ) to outperform. Analyst Thomas Wei says his upgrade is based on better fundamental performance. Also he sees significant upside to company guidance, and estimates third-quarter U.S. Viread sales will be $111 million. He believes the September 12 FDA action date for a combination pill is unlikely to significantly impact third-quarter Viread demand. Still, Wei calculates total 2004 HIV sales of $875 million-plus, vs. the $850 million to $875 million guidance. He says Combivir remains key to significantly expanding the company's HIV franchise, and he estimates this opportunity at about $800 million. Wei raised the $1.50 2004 EPS estimate to $1.80, and upped the $1.99 2005 estimate to $2.32. He raised the $77 target to $79.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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