吉利德科學(xué)

克里斯·詹納T. Rowe Price Health Sciences基金

股票代碼：(GILD,?財(cái)富500強(qiáng))

行業(yè)：醫(yī)藥

????曾經(jīng)當(dāng)過(guò)醫(yī)生的克里斯·詹納從2000年開(kāi)始管理炙手可熱的T. Rowe Price Health Sciences基金。這只資產(chǎn)規(guī)模49億美元的基金在過(guò)去10年實(shí)現(xiàn)年化收益率13.6%，顯著高于同類基金的9.0%。詹納開(kāi)出的處方是：生物科技巨頭吉利德科學(xué)，該基金的一只重倉(cāng)股。吉利德（Gilead）曾因一款艾滋病藥丸（日服一次）名聲大噪。詹納相信它的一款丙肝新藥sofosbuvir應(yīng)能重現(xiàn)這樣的成功。相比當(dāng)前標(biāo)準(zhǔn)療法使用的干擾素，這款新藥的治愈率更高，毒性更低。

????市場(chǎng)龐大：美國(guó)有超過(guò)400萬(wàn)丙肝患者?！氨问袌?chǎng)價(jià)值將超過(guò)100億美元，”詹納說(shuō)?！拔覀儸F(xiàn)在正處于黎明前夕?！彼A(yù)計(jì)2016年年前，吉利德的營(yíng)收年均增幅將達(dá)到16%，而每股收益年均增長(zhǎng)27%。以最近股價(jià)75美元計(jì)，這只股票并不便宜——2012年以來(lái)累計(jì)上漲84%，最近股價(jià)是今年普遍預(yù)期每股收益的20倍。詹納建議，可等待股價(jià)回落之機(jī)買進(jìn)。但估計(jì)需要耐心。詹納說(shuō)：“在同業(yè)組中，該公司的營(yíng)收和利潤(rùn)增長(zhǎng)將無(wú)人能及。”

????——A.F.

Gilead Sciences

Kris Jenner?T. Rowe Price Health Sciences

Ticker:?(GILD,?Fortune 500)

Sector pick:?Health care

????Kris Jenner, a former doctor, has operated the white-hot?T. Rowe Price Health Sciences Fund?(PRHSX)?since 2000. With $4.9 billion in assets, it has delivered an annualized 13.6% gain for the past decade, drubbing its peers' 9.0%. Jenner's prescription: shares of biotech giant Gilead Sciences, one of his fund's largest positions. Gilead made its mark with a once-a-day HIV pill, and Jenner thinks it can repeat that success with a new treatment for hepatitis C. Known as sofosbuvir, it has a higher cure rate with less toxicity than interferon, the standard treatment, he says.

????The market is huge: More than 4 million people have hepatitis C in the U.S. "The hepatitis C market will be in excess of $10 billion," says Jenner, "and we are at the dawn of that market." He believes Gilead's revenue could rise 16% a year through 2016, with earnings per share soaring 27% annually. At a recent $75, the shares aren't cheap -- they're up 84% since the beginning of 2012 and trade at 20 times this year's consensus forecast. Jenner advises waiting for a pullback before buying. But be patient. "In its peer group," he says, "it's going to be unrivaled in terms of its revenues and earnings growth."

????--A.F.