Gilead Sciences Inc. continues to see strong growth in HIV treatment prescriptions six weeks into the second quarter, but Biogen Idec Inc.'s multiple sclerosis drug Avonex seems to be slipping, according to Lehman Brothers.
Lehman Brothers tracks weekly prescription drug trends using a mix of industry figures and its own analysis. Analyst Dr. Jim Birchenough said Foster City, Calif.-based Gilead's Truvada and Atripla HIV treatments are still demonstrating strong growth. Both drugs drove first-quarter profit, along with the hepatitis B drug Hepsera.
Gilead shares rose 27 cents to $53.49 in afternoon trading.
Prescriptions of Biogen's Avonex, though, are now tracking below 10,000 a week, down from between 13,000 and 14,000. But, the Cambridge, Mass.-based company's other multiple sclerosis drug, Tysabri, appears to be gaining ground. In April, Biogen raised its full-year profit guidance, expecting revenue to reach the top end of its previously estimated range of 15 percent to 20 percent growth.
The key drivers of its first-quarter profit, though, were Avonex and Tysabri. Shares rose 73 cents to $63.48 in afternoon trading.
Elsewhere in the sector, Birchenough said, the decline in Amgen Inc.'s anemia drugs Aranesp and Epogen may have bottomed out. Sales have been falling over safety concerns raised last year and after the Food and Drug Administration issued stricter warning labels for the drugs. Medicare has also cut its reimbursement levels.
Meanwhile, Celgene Corp.'s cancer drug Thalomid continues to see prescription declines as the company's other cancer drug, Revlimid, remains flat. Genentech Inc. could continue to see flat sales of its key cancer drugs Avastin, Rituxan and Herceptin, the analyst said. Rituxan is also approved as a rheumatoid arthritis drug.
Shares of Thousand Oaks, Calif.-based Amgen rose 21 cents to $42.55 while shares of Summitt, N.J.-based Celgene fell $1.13 to $58.92. South San Francisco, Calif.-based Genentech shares fell $1.17 to $69.08.
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