Sunday, October 25, 2020

Remdesivir Boosts Gilead Shares!

 Shares of Gilead Sciences Inc rose 6% today after antiviral drugs, remdesivir, became the first and only approved treatment as a cure for Covid-19 in the United States.

The approval was granted by U.S. health regulators yesterday for use in hospital-treated patients even though the World Health Organization (WHO) says the drug does not have long-term effects on hospital patients or is capable of surviving global trials.

However, the U.S. Food and Drug Administration (FDA) has shown confidence in the results of a Gilead-based study in the U.S., which shows that the drug can speed up a patient's recovery period.

Previously, remdesivir was declared for emergency use by the FDA since May, after a study led by the National Institutes of Health showed that the hospital stay was reduced by 5 days for patients given the drug.

In addition, the drug is said to have generated sales of more than $ 1 billion this year with the current case of infection. In addition, Remdesivir, will be sold under the Veklury brand name, priced at $ 3,120 for a 5-day treatment course, or $ 2,340 for government sector buyers such as the Department of Veterans Affairs.

Accordingly, Gilead shares recorded a 5.67% increase to $ 64.11 before the end of the trading session.