Is AbbVie About to Deliver a Blow to Gilead Sciences' Guidance?

Is AbbVie About to Deliver a Blow to Gilead Sciences' Guidance?

After boosting its full-year hepatitis C revenue guidance last month, Gilead Sciences' (NASDAQ: GILD) share price has been rallying. However, the Food and Drug Administration approved AbbVie's (NYSE: ABBV) next-generation hepatitis C drug Mavyret this week, and AbbVie has priced it to sell. Could Mavyret deliver a big blow to Gilead Sciences' hopes for higher hepatitis C sales?

Hepatitis C treatment has taken big steps forward over the past decade. Previous treatments including the side effect-causing drugs peg interferon and ribavirin have been replaced by next-generation drugs that deliver functional cure rates that are above 90% in as few as 12 weeks, and in some patients, as little as eight weeks.

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Source: Fool.com