Gilead Sciences | 2017

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U.S. Revenue: $26 billion (down 5.8%)

Global Revenue: $30.4 billion (down 7%)

Top Brands: Harvoni ($9B), Sovaldi ($4B), Truvada ($3.6B), Atripla ($2.6B), Stribild ($1.9B)

R&D Spend: $5.1B (up 69%), 17% of revenue

Planned Launches: filgotinib (RA/Crohn's/ulcerative colitis), bictegravir (HIV)

Upcoming Patent Expirations: Macugen, Letairis, Viread

Hepatitis C is so 2015 — at least, that's what Gilead Sciences CEO John Milligan is saying following his first year at the helm. When top-level execs forecast a 50% drop in revenue generated by the company's hepatitis-C portfolio in 2017, jaws dropped. The additional $1.8 billion from newcomer Epclusa in 2016 wasn't enough to offset new pricing dynamics, lively competitors, and a population of cured patients. Attempting to steer critics away from a contracting hep.-C market, Milligan has opened a conversation about replenishing the company's pipeline through internal programs, M&A, and partnerships. Meanwhile, investors are getting itchy as Gilead's purse has reportedly grown quite fat — to be exact, it contains somewhere in the neighborhood of $32 billion — as share prices continue to plummet. Rumors indicate an acquisition of biotech Incyte Corp. as a likely first step in changing the organization's future. Tesaro has been floated as a potential target as well. Gilead filed an NDA with the FDA for SOF/VEL/VOX, a once-daily single tablet designed to capture hep.-C patients not cured by current therapies. The company's JAK inhibitor filgotinib is being studied in Phase III for RA, Crohn's, and ulcerative colitis, while bictegravir is showing promise in HIV.

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