A federal judge in New York has frozen the assets of dozens of people and entities accused of operating a massive nationwide scheme to distribute counterfeit bottles of Gilead Sciences Inc HIV drugs, including two alleged "kingpins." Gilead, which has been pursuing alleged counterfeiters in a civil lawsuit since last year, said in a court filing unsealed on Wednesday it had uncovered an operation that was "staggering in scope," responsible for sales of hundreds of millions of dollars of counterfeit bottles of its top sellers Descovy, Genvoya and Biktarvy, and other medicines. U.S. District Judge Ann Donnelly's latest asset freeze order, also unsealed on Wednesday, targets more than 50 defendants newly added to Gilead's lawsuit.
Gilead Sciences (GILD) closed the most recent trading day at $62.63, moving +0.47% from the previous trading session.
Let's look at two biotech stocks that look attractive at current levels: AbbVie (NYSE: ABBV) and Gilead Sciences (NASDAQ: GILD). AbbVie is one of the largest pharmaceutical companies around. Like other drugmakers, AbbVie benefits from the fact that doctors do not stop prescribing lifesaving drugs even during challenging economic times, nor do patients stop taking them.