The largest U.S. pharmacy benefit manager has lined up a cheaper price from AbbVie Inc (ABBV) on its newly approved hepatitis C treatment and, in most cases, will no longer cover Gilead Sciences Inc (GILD) treatments, Express Scripts said on Monday.
Shares in Gilead dropped 11 percent or about $12 in Monday morning
trading to $96.23. A Gilead spokeswoman did not comment when asked about
the potential impact on the company but said the company has been
negotiating with Express Scripts.
Express Scripts has opposed the $84,000 pricetag of Gilead Sciences'
Sovaldi treatment since it was approved a year ago, saying that was
unaffordable. The $1,000-a-day pill opened a national debate about drug
prices and increased insurer pressure on drug makers to cut prices.
Labels: Abbvie, drug pricing, Express Scripts, Gilead, insurance coverage