The initial negative impact of
healthcare reform on pharma and biotech P&Ls is becoming apparent midway
through earnings season.
Investors shaved almost $4
billion off the market cap of Gilead Sciences Inc. (NASDAQ:GILD) last
week after the company disclosed that the new healthcare reform law would trim
its 2010 sales by about $200 million and lower fully diluted EPS by about
$0.15.