4Q Pharma Results Preview, Part 3: Gilead, GSK, Sanofi, Allergan, Shire, Bayer, Valeant

With its hepatitis C franchise slowing down and HIV not fully offsetting that, Gilead Sciences Inc. likely will face another litany of questions about its plans for M&A or other deal-making to regain some momentum. At least one analyst says to expect an incremental approach by Gilead, with smaller deals to build up its cancer and immunology pipelines instead of a large-scale acquisition.

"We believe Gilead’s openness to partnerships may be recognition that it will need access to multiple agents with different modalities in order to establish itself in oncology, suggesting collaborations provide access while hedging risk," BMO Capital Markets analyst Ian Somaiya wrote Jan. 12, following a meeting with Gilead management