- Gilead Sciences (GILD +3.7%) is upgraded to Outperform from Market Perform with a $103 price target, up from $65, at Baird even after shares have nearly doubled in the past year.
- Initial prescription data for sales of hepatitis C drug Sovaldi are so massively outperforming even the biggest weeks Vertex's Incivek ever had, the firm believes any reasonable comparison between the two drugs would indicate that U.S. sales in 2014 alone will exceed $5B; Sovaldi also enjoys a ~70% price premium over Incivek.
- Even competition with Abbvie (ABBV) is positive because the data justifies some meaningful penetration by Abbvie’s regimen without having to resort to price as a lever, the firm adds.
Gilead Sciences upgraded at Baird as Sovaldi looks like a blockbuster
Feb 4 2014, 12:16 ET