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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Gilead Sciences, Inc.    GILD

GILEAD SCIENCES, INC.

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Gilead to pay $97 million to settle U.S. kickback probe

09/23/2020 | 10:11pm EST
FILE PHOTO: Gilead Sciences Inc pharmaceutical company is seen during the outbreak of the coronavirus disease (COVID-19), in California

Gilead Sciences Inc has agreed to pay $97 million to resolve U.S. government claims it used a purportedly independent charity to pay illegal kickbacks to cover Medicare patients' out-of-pocket costs for its pulmonary arterial hypertension drug Letairis.

The U.S. Department of Justice said on Wednesday the settlement resolves allegations that Gilead improperly used the Caring Voice Coalition as a conduit to cover thousands of patients' co-payment obligations.

Gilead's actions enabled the Foster City, California-based drugmaker to boost revenue, ran from June 2007 to December 2010, and violated the federal False Claims Act, the department said.

That law prohibits drugmakers from offering anything of value to induce Medicare patients to buy their drugs.

"Gilead used data from CVC that it knew it should not have, and effectively set up a proprietary fund within CVC to cover the co-pays of just its own drug," U.S. Attorney Andrew Lelling in Boston said in a statement.

He said such conduct undermines Medicare's co-pay structure, which Congress meant to prevent against inflated drug prices.

Drugmakers cannot subsidize co-payments for older Americans enrolled in Medicare, but may donate to independent non-profits that provide such assistance.

In a statement, Gilead said it addressed concerns raised by the government, and does not believe it violated the law. It also said there was no allegation that patients who received medication did not need it.

Gilead's settlement resulted from an industrywide probe led by Lelling's office into drugmakers' support for so-called patient assistance charities.

Eleven drug companies including Novartis AG, Pfizer Inc and United Therapeutics Corp have reached more than $1 billion of settlements with the government. Four foundations and a pharmacy have also settled.

By Jonathan Stempel


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GILEAD SCIENCES, INC. -1.24% 59.5 Delayed Quote.-7.28%
NOVARTIS AG 0.88% 80.98 Delayed Quote.-12.66%
PFIZER INC. -0.19% 36.53 Delayed Quote.-6.59%
UNITED THERAPEUTICS CORPORATION -0.27% 135.07 Delayed Quote.53.76%
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Financials (USD)
Sales 2020 23 650 M - -
Net income 2020 34,3 M - -
Net Debt 2020 20 525 M - -
P/E ratio 2020 -4 420x
Yield 2020 4,52%
Capitalization 75 525 M 75 525 M -
EV / Sales 2020 4,06x
EV / Sales 2021 3,87x
Nbr of Employees 11 800
Free-Float 99,6%
Chart GILEAD SCIENCES, INC.
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Gilead Sciences, Inc. Technical Analysis Chart | GILD | US3755581036 | MarketScreener
Technical analysis trends GILEAD SCIENCES, INC.
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 73,52 $
Last Close Price 60,25 $
Spread / Highest target 74,3%
Spread / Average Target 22,0%
Spread / Lowest Target -3,73%
EPS Revisions
Managers
NameTitle
Daniel P. O'Day Chairman & Chief Executive Officer
Andrew D. Dickinson Chief Financial Officer
William A. Lee Executive Vice President-Research
Merdad V. Parsey Chief Medical Officer
George Pratt Shultz Director-Emeritus
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