The article compares three drugmakers: Biogen (BIIB), Amgen (AMGN) and Gilead (GILD). Biogen closed at $225.71 on October 9 after returning 30.5% over six months, Amgen closed at $414.87 (up 18.6%), and Gilead closed at $151.17 (up 8.8%). Gilead posted a net loss of more than $3 billion over the past year yet generated the most cash in the group and the highest return on assets at 14.09%, which the author attributes to accounting charges. Revenue grew roughly 10% at Gilead and Amgen versus 3.40% at Biogen, whose earnings fell 84.60% in the latest quarter. Biogen has the lowest forward P/E at 13.65 times, versus 15.29 for Gilead and 16.94 for Amgen, and the author sees Gilead as worth its small premium.
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