Nomura analyst Ian Somaiya raised his price targets on Pharmacyclics (PCYC) and Gilead Sciences (GILD) and lowered it on Biogen Idec (BIIB) after a survey of their competing drugs for chronic lymphocytic leukeumia. Somaiya wrote that his survey of 30 doctors treating more than 1,600 CLL patients “highlighted rapid transition of the CLL market to newer oral drugs, in particular PCYC’s Imbruvica,” which was launched by Pharmacyclics and Johnson &
Big-cap biotech Gilead Sciences beat analysts’ fourth-quarter estimates on both the top and bottom lines late Tuesday and offered 2014 sales guidance for the first time, but didn’t project sales for its newly launched, much anticipated drug Sovaldi. After the markets closed, Gilead Sciences (GILD) said profit in the quarter rose 10% over the year-earlier quarter to 55 cents a share, beating analysts’ consensus by 5 cents, according to Thomson
Big-cap biotech Gilead Sciences (GILD) is expected to report a modest Q4 after the close Tuesday, but analysts and investors will be listening closely for new details on the rollout of its potential blockbuster hepatitis C drug Sovaldi. Analysts polled by Thomson Reuters estimate that Gilead’s revenue rose 10% over the year-earlier quarter to $2.85 billion, with profit flat at 50 cents a share. However, the bottom line has been held down by