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Gilead Sciences (GILD) Total Sovaldi Franchise Growth Returns to High Single Digits, FBR Capital Notes

November 21, 2014 9:38 AM EST
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Price: $73.26 -0.58%

Rating Summary:
    24 Buy, 16 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 20 | Down: 14 | New: 22
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FBR Capital analyst Andrew Berens notes Gilead Sciences (NASDAQ: GILD) Sovaldi franchise (Sovaldi + Harvoni) rose to the high single-digits last week.

Berens comments, "Symphony Health Solutions weekly prescription data show 2,954 total prescriptions (TRx) filled for Gilead's Harvoni during its fifth week of availability, an increase of 21% week/week versus last week’s 18% growth. This compares with 1,512 prescriptions for Sovaldi during its fifth launch week. Notably, the latest week (ending November 14) included four out of five days of The Liver Meeting (AASLD), when most hepatologists were away from their practices and likely not prescribing medications. We continue to view the Harvoni launch favorably, keeping in mind the volatility that exists in the weekly prescription dataset, especially when tracking new drug launches."

He added, "Importantly, total prescriptions for the Sovaldi franchise (Sovaldi + Harvoni) rose 7% week/week to 6,228 scripts, an acceleration versus last week’s 1% growth. Combined prescriptions are at their highest level since the last week of July, and 22% below the May peak of 7,948. We anticipate Harvoni will capture the majority of usage in GT1 patients, and believe Sovaldi will continue to play a role in the treatment of hepatitis C, especially in GT2 and GT3 patients. We currently forecast approximately $1 billion of Sovaldi U.S. demand in 4Q."

The firm maintained an Outperform rating and $130 price target on GILD.

For an analyst ratings summary and ratings history on Gilead Sciences click here. For more ratings news on Gilead Sciences click here.

Shares of Gilead Sciences closed at $100.59 yesterday.



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