Gilead Sciences (GILD, Financial) jumped 23.6% last year, boosting the Fund’s total return by 0.8%. The biopharmaceutical company has dominant franchises in HIV and hepatitis C medicines. Gilead’s PrEP market for preventative care is driving growth for the company’s monopolistic HIV franchise. Additionally, Gilead had a positive readout in its growing oncology franchise. Although oncology remains a highly competitive therapeutic area, we believe it represents an attractive option for the company at its current low valuation. Given today’s uncertain macro environment, we like Gilead’s steady execution, dividend yield and cash flow.
From the Parnassus Value Equity Fund (Trades, Portfolio)'s fourth-quarter 2022 commentary.
