Gilead Sciences Inc (NASDAQ:GILD) said an unauthorized network of drug distributors and suppliers sold pharmacies more than $250 million of counterfeit versions of its HIV treatments over the last two years.
- The alleged scheme was reported earlier by The Wall Street Journal.
- The Company found 85,247 bottles tampered with or faked, including versions of its Biktarvy and Descovy treatments.
- Gilead said it had seized the bottles of Gilead-labeled medication from 17 locations in nine states as part of its investigation.
- Related: Fake Versions Of Gilead's HIV Drugs Are In Circulation In US.
- The investigation also uncovered unauthorized pharmaceutical distributors selling the drugs to pharmacies, Gilead said.
- According to the Gilead spokesman, many counterfeit drugs were purchased from homeless or drug-addicted HIV patients.
- Wall Street Journal said the counterfeiters sold its HIV drugs with falsified documentation and altered packaging, and wrong pills, including OTC painkiller and an antipsychotic drug instead of the HIV medications.
- Gilead disclosed its anti-counterfeiting efforts on the same day a federal judge in Brooklyn unsealed a related civil lawsuit that the Foster City, the Company filed last July.
- It said one patient who unknowingly took that drug after receiving a fake bottle of Biktarvy reported being unable to speak or walk afterward.
- Price Action: GILD shares closed at $70.40 on Tuesday.
