Core Viewpoint - Gilead Sciences, Inc. (GILD) and Bristol Myers Squibb (BMY) are prominent biotechnology companies with diverse portfolios and global reach, each presenting unique investment opportunities and challenges [1][2][3]. Gilead Sciences (GILD) - Gilead is a leader in the HIV treatment market, with its flagship drug Biktarvy being the most prescribed regimen for HIV-1 infection, maintaining a growing market share [4]. - The company’s prevention drug, Descovy, holds over 40% market share in the U.S. for pre-exposure prophylaxis (PrEP) [4]. - Late-stage studies for lenacapavir, a potential twice-yearly HIV prevention treatment, could significantly enhance Gilead's HIV portfolio [5]. - Gilead's oncology segment includes the successful breast cancer drug Trodelvy, which is undergoing further label expansion studies [6]. - The liver disease portfolio has been bolstered by the FDA approval of seladelpar for primary biliary cholangitis, enhancing Gilead's offerings in this area [7]. - As of December 31, 2024, Gilead's total debt-to-total-capital ratio was 59%, with $10 billion in cash and long-term debt of $25 billion [8]. Bristol Myers Squibb (BMY) - BMY's Growth Portfolio, including drugs like Reblozyl and Opdualag, has stabilized revenue amidst generic competition, with Reblozyl showing strong performance [9][10]. - Opdivo continues to gain momentum with consistent label expansions, and the recent FDA approval for subcutaneous use is expected to enhance its immuno-oncology franchise [11]. - BMY has made strategic acquisitions to expand its portfolio, including the recent approval of Cobenfy for schizophrenia, validating its acquisition strategy [12]. - Despite the growth from newer drugs, BMY faces challenges from generic competition affecting legacy drugs, which significantly impact revenue [13]. - As of December 31, 2024, BMY's total debt-to-total-capital ratio was 75.2%, with cash and equivalents of $10.3 billion and long-term debt of $47.6 billion [14]. Financial Estimates and Performance - The Zacks Consensus Estimate for GILD's 2025 sales indicates a slight decrease of 0.39%, while EPS is expected to increase by 70.13% [15]. - In contrast, BMY's 2025 sales are projected to decrease by 5.11%, but EPS is anticipated to rise by 489.57% [18]. - GILD has outperformed BMY in price performance, with a gain of 15.2% compared to BMY's loss of 9.6% year-to-date [22]. - Valuation metrics show GILD trading at a forward P/E ratio of 13.23, higher than BMY's 7.61 [22]. - BMY offers a higher dividend yield of 4.83% compared to GILD's 2.97% [24]. Investment Outlook - Gilead's innovation in its HIV portfolio and potential approval of lenacapavir for HIV prevention are seen as strong growth catalysts [25]. - BMY's efforts to counteract generic competition are noted, but the outlook for 2025 appears challenging [26]. - Overall, GILD is considered a more favorable investment option at present due to its solid fundamentals and growth potential despite its higher valuation [26].

Table of Contents As filed with the U.S. Securities and Exchange Commission on December 15, 2023. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 TRISALUS LIFE SCIENCES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 3841 (Primary Standard Industrial Classification Code Number) 85-3009869 (I.R.S. Employer Identific ...