NEW YORK (TheStreet) -- Shares of Gilead Sciences (GILD) rose 1.74% to $102.19 in morning trading Tuesday after the European Commission granted marketing authorization for its hepatitis C treatment Harvoni.
Gilead touts Harvoni, which the FDA approved in October, as "the first once-daily single tablet regimen to treat the majority of chronic hepatitis C genotype 1 and 4 infection in adults." The company recommends a treatment cycle of 12 or 24 weeks based on prior treatment history and cirrhosis status.
"Genotype 1 patients living with hepatitis C in Europe and the physicians who treat them have been waiting for a treatment advance like this for decades," said Graham Foster, MD, Professor of Hepatology, Queen Mary University of London, in a Gilead statement.
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"With Harvoni, we have the potential to transform the way we treat people living with the most prevalent form of hepatitis C in Europe. We can now expect very high SVR rates, and for many patients, we can eliminate the need for interferon injections and ribavirin and offer a cure in a once-daily tablet."
Separately, TheStreet Ratings team rates GILEAD SCIENCES INC as a "buy" with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate GILEAD SCIENCES INC (GILD) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."