Gilead Falls as Hepatitis C Drug Discounts Exceed Estimates
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Shares of Gilead Sciences Inc. dropped after the world’s biggest biotechnology company forecast 2015 revenue that will be weighed down by discounts for its blockbuster hepatitis C drugs.
Product sales this year will be $26 billion to $27 billion, said Foster City, California-based Gilead. Analysts had projected $28.5 billion on average for revenue. Discounts in the U.S. for Harvoni and Sovaldi, which treat the liver virus, will climb to an average of 46 percent this year from 22 percent in 2014.