Sovaldi Total Prescriptions Grew 7.7% Last Week (GILD)

Gilead Sciences (NASDAQ: GILD) Sovaldi total prescriptions for the week ending April 4, grew up 7.7% to 8,006 from 7,434, said Wells Fargo, citing IMS data. New Sovaldi prescriptions were 3,897 vs 3,878, up 0.5%.

Analyst Brian Abrahams said, "We expect this increase in new Sovaldi prescriptions to provide assurance that some room for additional adoption remains. Our base case projection increased this week because we still model new patient starts declining in Q2 and Q3 as initial ''warehoused'' patients are worked through, though it is looking like that potential decline may not ultimately be as steep. Scrips trends remain highly encouraging, and while these will not address long­term concerns about pricing and out­year sustainability, we believe Sovaldi remains off to about as good a start this year ­ in a non­optimal regimen, no less ­­ as one could have imagined. We remain positive on GILD based on the long­term Sovaldi opportunity, the solid HIV foundation, and the underappreciated pipeline."

Wells Fargo has an Outperform rating on Gilead Sciences.

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 $65.48 yesterday.

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