J.P. Morgan Reports On FDA Approval For GILD

J.P. Morgan is maintaining its Overweight rating on Gilead Sciences GILD following the company's FDA approval on its latest product, Complera. Says J.P. Morgan, in its report, “This afternoon, Gilead and partner Johnson and Johnson (covered by JPM analyst Mike Weinstein) announced FDA approval for the triple combination pill – Complera (Edurant/Truvada). The approval was along expected lines given the efficacy (noninferiority) and safety shown vs. Atripla in phase 3 trials. Additionally, Complera is priced at $1,704.64/month (WAC), which is equivalent to the sum of the individual components and is modestly higher than the price of Atripla ($1,627.14). We had a chance to talk to the company, and we expect Complera to be launched within days.” GILD closed yesterday at $35.34.