Gilead Sciences (GILD) Stock Declines on Lawsuit Seeking Access to Clinical Trial Data

NEW YORK (TheStreet) -- Gilead Sciences (GILD) shares are down 2.6% to $116.40 in afternoon trading on Monday after the Food and Drug Administration was sued by two health groups looking to force the regulator to quickly release the clinical trial data that helped Gilead win approval for its hepatitis C treatments, according to Reuters.

The treatments in question, Harvoni and Sovaldi, have come under much scrutiny in recent months due to their exorbitant price tags.

Harvoni and Sovaldi cost $94,500 and $84,000, respectively, per 12-week regimen. 

Yale University's Global Health Justice Partnership and the Treatment Action Group have said that doctors and patients deserve to have access to the data for independent analysis to see if there were any gaps in the review process of the treatments.

According to the lawsuit Gilead never replied to the two group's November request for the data.

The groups turned to the FDA in December to release the data which the regulatory agency said would take between 18 months and 24 months.

The groups are now suing the FDA for a release time table that is shorter than that.

Sovaldi and Harvoni brought in $4.55 billion, or 60%, of Gilead's revenue from January to March, according to Reuters.

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."

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