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Express Scripts, the largest pharmacy benefit management organization in the US, announced on Monday, December 22 that it has exclusively selected AbbVie Inc's (NYSE: ABBV) new drug over Gilead Sciences, Inc.'s (NASDAQ: GILD) Hepatitis C drug. Following the announcement, the stock of Gilead slumped heavily.
CNBC's Meg Tirrell elaborated on this news recently and provided her prespective on how this will impact the overall biotech industry.
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The Hep C Drug War
“We are seeing shares of Gilead take a big tumble today [Monday, December 22] as it faces major pricing competition from newcomer AbbVie in Hepatitis C,” Tirrell said.Want Private Access to Benzinga Analyst?
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Hep C Drugs Aren't Cheap
She continued, “It’s [Sovaldi] priced at $84,000 for a 12-week course of treatment, or $1000 a day. AbbVie’s regimen was approved by the FDA on Friday [December 19] and the company said, it would cost about $83,000, not a significant discount to Gilead’s Sovaldi or its combo regimen Harvoni at about $94,000.”“But what we are told, Express Scripts negotiated a significant discount to that price as part of the agreement with AbbVie. And the news has weighed on the entire biotech industry as concerns mount that price across other therapeutic areas could come under the same pressure.”Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.