While patients in Massachusetts await affordable doses of the blockbuster hepatitis C drug Sovaldi, Rep. Joseph Kennedy III has financially benefited from the success of the drug’s manufacturer, Gilead Sciences, according to public financial disclosures and campaign finance records.
And he’s not the only lawmaker profiting from investments in a company that has drawn unwelcome attention for the sky-high price of a lifesaving medication it produces. Kennedy held the largest stake, but 23 other members of the House and Senate held stock in the company in 2014, the most recent year for which disclosure statements are available.
Kennedy’s total holdings appreciated between $130,004 and $434,999 since he purchased the stock in 2012, records show. He reaped capital gains in 2014 by selling some of his stock for between $15,001 and $50,000, according to a transaction report he filed.
At the end of 2014, Kennedy’s Gilead stake totaled between $180,004 and $450,000. (Lawmakers are not required to report the values of their assets and debts in precise amounts, but only in ranges.)