Announced Wednesday, Gilead Sciences (GILD) will broadcast its corporate presentation live from two conferences: the 17th Annual BIO CEO and Investor Conference and the 2015 Leerink Global Healthcare Conference. Both were held in New York.
John F. Milligan, PhD, Gilead’s President and Chief Operating Officer, gave an overview of the company at the BIO CEO conference on Tuesday, February 10 at 10:00 a.m. Eastern Time (ET) and the Leerink conference on Wednesday, February 11 at 10:15 a.m. ET.
The BIO CEO conference focused mainly on price questions and concerns, since GILD’s Hepatitis-C drug Sovaldi costs $84,000 for a 12-week standard course, while Harvoni, a newer, advanced version of Sovaldi, carries a price tag of $94,500 for a 12-week treatment regimen. Gilead has been justifying the high prices for its drugs by citing the high cure rates the drugs guarantee and the very few side-effects associated with their usage.
Price discussions are also occurring in Europe. According to Milligan, "This year they [the European markets] will increase that budget allotment fairly dramatically in return for some price/volume concessions. If they commit to certain volumes, we'll commit to certain price concessions.”
Also revealed on Wednesday was a recent insider buy. An SEC filing showed director Olson Per Wold bought 10,000 shares of GILD at a cost of $99.92 each, with a total investment of $999,150, on Friday.
Earlier this week, other biopharmaceutical company Achillion Pharmaceuticals (ACHN) announced positive results from the ongoing study of its new hep-C drug ACH-3102 used in combination with GILD’s sofosbuvir (See: Achillion Soars on 6 Week HCV Cure When Used with Gilead's Sofosbuvir).
These three events have no doubt positively impacted Gilead. Its shares are trading up about 1.6% on the day and share prices rest at $99.89. Its estimated valuation is a noteworthy $148.33 billion.
However, GILD sits at a Zacks Rank #4 (Sell) though it is in the top 31% in Zacks Industry Rank.
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