Gilead Sciences Drops 1.7% as WHO Finds Remdesivir Has “No Substantial Effect”

Gilead's antiviral drug remdesivir was among the first treatments used to treat Covid-19.
Steven LernerOct 15,2020,21:58

Shares of Gilead Sciences (Nasdaq: GILD) fell 1.70% on Thursday after a World Health Organization (WHO) study found that remdesivir had “no substantial effect” on the survival of Covid-19 patients requiring hospitalization, according to the Financial Times.

The full results of the study have not yet been made public.

WHO’s Solidarity trial studied the outcomes for more than 11,000 hospitalized Covid-19 patients who took remdesivir, hydroxychloroquine, interferon, and anti-HIV combination drug of lopinavir/ritonavir.

While none of the treatments were successful, the Financial Times notes that the study was not intended to determine the effects of in-hospital mortality.

Gilead told the Financial Times that it was aware of the initial data from the trial being made public before “publication in a peer-reviewed journal.”

“The emerging data appears inconsistent with more robust evidence from multiple randomized, controlled studies validating the clinical benefit of (remdesivir),” Gilead said.

Shares of Gilead are up 3.24% this year after its antiviral drug remdesivir was among the first treatments used for Covid-19.

On April 29, the National Institute of Allergy and Infectious Diseases (NIAID) revealed that remdesivir reduced the recovery time from 15 to 11 days for hospitalized Covid-19 patients in a placebo-controlled double-blind randomized trial. Results from the trial were published in The New England Journal of Medicine.

A Chinese study published in The Lancent could not associate the drug with clinical benefits, but this study was criticized for ending too early.

Remdesivir was one of the treatments administered to President Donald Trump when he was hospitalized for Covid-19.

Enrollment into a study testing a combination of remdesivir and an antibody treatment from Eli Lilly (NYSE: LLY) was paused this week by a data safety monitoring board due to unspecified safety concerns.

On Tuesday, the Russian Health Ministry approved of remdesivir for Covid-19 treatment.

Topics:gilead sciences