Gilead Sees Largest One-day Drop Since IPO

MarketWatch Pulse

Drugmaker Gilead Sciences Inc. recorded its largest single-session fall since its January 1992 initial public offering Monday after a pharmacy benefit manager dropped the company's Hepatitis C drug in favor of a rival's product. Express Scripts, the largest prescription-management company in the U.S., said Monday it has secured a lower price for a newly approved Hep C drug produced by AbbVie Inc., and will no longer cover Gilead's drug. Gilead, which was the worst performer on the S&P 500 Monday, closed at its lowest closing value since Aug. 8, 2014. The company's stock is down 18.67% from its record close on Oct. 30, 2014.

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