Gilead Sciences (GILD): Wells Fargo Comments on Decline in Weekly Sovaldi Prescriptions
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Wells Fargo analyst Brian Abrahams commented on Gilead Sciences (NASDAQ: GILD) Sovaldi scripts data following weekly numbers from IMS. Abrahams noted that May 16th week ending total Sovaldi prescriptions were 8,091, a change of 10.6% vs. last week's 9,054. New Sovaldi prescriptions were 3,445, a change of 11.5% vs. last week's 3,891.
"We had have seen new prescriptions at 3,500-3,600 scripts/week in weeks 18-22, with this week's new scrips number representing a return to that baseline from last week's ''breakout'' of 3,891 new scrips. We would continue watching trends before attributing this week's drop to secondary warehousing or insurer issues. We do expect some slowing down as the year progresses, but scripts still indicate 2014 U.S. sales could approach $9B suggesting a robust near-and long-term opportunity," said the analyst.
Wells Fargo has an Outperform rating on Gilead Sciences (NASDAQ: GILD)
Shares of Gilead Sciences closed at $82.90 yesterday.
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