GLAXF - Gilead Or GlaxoSmithKline? Choices In High-Yield Pharma

• Gilead and GSK have lagged many pharma peers and both still offer attractive dividends on their rather compressed prices.
• Their profiles are not very different in terms of therapeutic areas, and their main difference is in how much revenue is at risk in the medium term.
• While GSK has a lot of its pains behind it, Gilead's troubles are more protracted despite the amazing rise of Biktarvy due to LoEs coming and a probable Veklury slowdown.
• At this moment, we'd put the incremental dollar in GSK, not Gilead, because we think that their downside is more limited with the pandemic having unambiguously hurt their business.

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