In a week filled with earnings reports from big-cap biotechs, Gilead Sciences’ (GILD) might be the most watched as it reveals its first full quarter of sales for blockbuster hepatitis C drug Sovaldi. Gilead reports after the market close Tuesday. Overall, analysts polled by Thomson Reuters estimate that Gilead made 89 cents a share in Q1, up 85% from the year-earlier quarter. They estimate sales rose 55% to $3.9 billion. The main driver of that
Biotech stocks took another beating Friday, led by Gilead Sciences as concerns grew about its blockbuster drug Sovaldi. Gilead (GILD) tumbled 4% to close at 68.55, a four-month low. The stock was already hit the previous Friday on word of a congressional inquiry into its high price for Sovaldi, launched in December as a revolutionary treatment for hepatitis C. This Friday, IMS Health prescription data for the week ended March 21
Biotech stocks were selling off hard Friday, and consensus on Wall Street seemed to pin the blame on a letter sent by several House Democrats to Gilead Sciences (GILD) asking for a briefing on the price of its hepatitis C blockbuster Sovaldi. The letter, signed by Reps. Henry Waxman, Frank Pallone and Diana DeGete and dated Thursday, expressed concern that “a treatment will not cure patients if they cannot afford it.” Due to Sovaldi’s $84,000