2 years Gilead Says Remdesivir Will Be Available To Patients This Week     

Gilead Says Remdesivir Will Be Available To Patients This WeekGilead Sciences (GILD) has revealed that its remdesivir Covid-19 treatment will be available to patients early this week. Remdesivir, a direct acting antiviral drug that inhibits viral RNA synthesis, received emergency FDA approval on May 1.“We intend to get [remdesivir] to patients in the early part of this next week, beginning to work with the government which will determine which cities are most vulnerable and where the patients are that need this medicine,” Gilead Sciences CEO Daniel O’Day told CBS on Sunday. O’Day added: “We’ve donated the entire supply that we have within our supply chain and we did that because we acknowledge and recognize the human suffering, the human need here, and want to make sure nothing gets in the way of this getting to patients.”The donation has been provided to the US government, and they will decide where to send the treatment based on, for instance, the number of ICU beds available. “[The government] will begin shipping tens of thousands of treatment courses out early this week and be adjusting that as the epidemic shifts and evolves in different parts, in different cities in the United States,” O’Day said. As part of the company’s first quarter earnings release, management revealed that it expects to have 1.5 million vials of remdesivir available in May, over 5 million in October, and over 10 million by the end of the year.At the same time the company also disclosed the extent of its remdesivir expenditure: “The potential range of this investment for 2020 is up to $1 billion” said CFO Andrew Dickinson on the earnings call.Remdesivir was approved to treat adults and children with Covid-19 and severe disease defined as SpO2 ≤ 94% on room air, requiring supplemental oxygen, mechanical ventilation, or extracorporeal membrane oxygenation (ECMO).Overall GILD scores a Hold consensus from the Street with a $79 average analyst price target, indicating marginal downside from the current share price. (See Gilead stock analysis on TipRanks). Shares are currently trading up 23% year-to-date.Related News: Gilead’s Remdesivir Receives Emergency FDA Approval; Here’s What This Five-Star Analyst Has To Say Gilead Down 5% As Q1 Earnings Spark Street Downgrades Roche Gets Emergency FDA Approval For Covid-19 Antibody Test, Starts Shipping


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