Feb 8 Shares of Gilead Sciences Inc
fell as much as 10 percent to touch a near three-year low on
Wednesday, a day after the drugmaker forecast disappointing
sales for its hepatitis C drugs this year.
The company forecast 2017 hepatitis C drug sales of $7.5
billion-$9 billion, much lower than the $12 billion Wall Street
analysts had expected, due to fewer patients starting on
treatments and increased competition.
Gilead's hepatitis C drugs Sovaldi and Harvoni
revolutionized treatment of the serious liver disease, helping
triple the company's sales to nearly $33 billion in 2015 from
At least 11 brokerages cut their price targets on Gilead.
"Management reiterated a commitment to growth, but also
acknowledged this would be challenging in the near term barring
an acquisition," Goldman Sachs analysts wrote in a note.
Gilead's shares were down 9.5 percent at $66.18 on
Wednesday. The stock was the biggest drag on the S&P 500 Index
(Reporting by Ankur Banerjee in Bengaluru; Editing by Saumyadeb