Gilead Sciences: Debt Fueled Bottom [Seeking Alpha]
IMMUNOMEDICS (IMMU)
Last immunomedics earnings: 2/27 04:00 pm
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US:NASDAQ Investor Relations:
immunomedics.com/2017/immunomedics-announces-presentations-investor-event-2017-san-antonio-breast-cancer-symposium
Company Research
Source: Seeking Alpha
SummaryGilead Sciences paid a hefty premium for Immunomedics.The breast cancer drug deal is expected to be accretive to EPS by 2023.The market wasn't fond hearing of the potential for more deals after the biopharma has loaded up on debt already.The stock is cheap at 9x forward earnings with a potentially accretive deal on the books now.Despite the excitement surrounding Remdesivir as a treatment for COVID-19,GILDIMMUinvestment thesisImage Source: Trodelvy websiteDeal Detailsagreed to pay $88approval for TrodelvyThe transaction details suggested Gilead would pay ~$15 billion in existing cash and raise $6 billion in additional debt. The company justraised $7.25 billionNaturally, the cash deal is easily accretive on an EPS basis in a low interest rate environment where debt isn't very expensive costing only 1-2% per annum. The problem is that the accretive nature of the deal isn't necessarily warranting of a $21 billion purchase price. In total, analysts have the company only generating
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