A report released by Goldman Sachs asks a question that the biotech industry has been starting to grapple with: “Is curing patients a sustainable business model?” It’s a fair question, and an easy answer: no. The GS analysts use another GS, Gilead Sciences, as a case study to explain this. A few years ago Gilead came out with their Hepatitis C cure, and US sales of that peaked in 2015 at about $12.5B. This year it’s projected to make less than $4B in the US. So the obvious conclusion is that curing patients with “one-shot” gene therapies makes less money over time than chronic therapies, makes sense. But jeeeeeeez when you take off your impartial industry analyst hat and think about how this kind of report looks to non-industry people… it’s just bad optics.