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Following the Gilead CEO’s statement about exporting remdesivir to the U.S. hospitals, Gilead Sciences (GILD) stock is up. In the pre-market today, Gilead shares are over 3% up, trading at above $82.
Gilead Sciences Inc (NASDAQ: GILD) is galloping in treating COVID-19 patients with remdesivir. According to the CEO and chairman Daniel O’Day, the company is already exporting the drug, and this week, Gilead’s remdesivir will be available for treating patients in U.S. hospitals.
Gilead’s Remdesivir in U.S.
O’Day said in CBS’ “Face of the Nation” program:
“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.”
Besides, Daniel O’Day said the company had donated its existing supply of 1.5 million vials to the U.S. government, enough to treat 150,000 to 200,000 patients.
O’Day further 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.”
This week, the shipment of tens of thousands of treatment courses will be conducted. As O’Day explained, the US government will determine how to allocated Gilead’s remdesivir across the country based on the demand.
“And our collaboration with the government has been such, we have been very transparent with them here in the United States and we have a good relationship on future allocation.”
By the end of this month, Gilead will produce over 140,000 rounds of its 10-day treatment regimen. In the second half of 2020, Gilead is planning to provide greater supply of remdesivir, as much as 1 million rounds.
Notably, the U.S. government has not yet approved Gilead’s drug. However, the Food and Drug Administration (FDA) gave remdesivir emergency use authorization to treat coronavirus. In other words, the drug is only available for use by doctors in hospitals.
Gilead (HILD) Stock Up in Pre-Market
Following the Gilead CEO’s statement about exporting remdesivir, Gilead Sciences (NASDAQ: GILD) stock is up. On May 1, it closed 4.82% down at $79.95. After hours, GILD stock rose by 2.25% to reach $81.75. In the pre-market today, Gilead shares are 3.38% up, trading at $82.65.
This year, the annual change of GILD stock is 23.04% for the time being. Since January, Gilead shares are significantly up amid the coronavirus outbreak. GILD stock started the year at $65.23, the highest close to date was $83.99 on April 13. The company’s market cap is $105.76 billion, the current value is $106.00 billion.
Gilead’s mercury is rising as the company is progressing in its remdesivir trial. Gilead reported positive data on remdesivir use. Its study involved about 800 COVID-19 patients, those who received remdesivir recovered 31% faster than similar patients who received a placebo.