Gilead's moving quickly with FDA for approval of coronavirus drug remdesivir: CEO

May 1, 2020
12 190 Views

Gilead Sciences, the maker of the experimental coronavirus drug remdesivir, is giving investors more details. The company said it plans to expand manufacturing of the drug. It spent $50 million on remdesivir research and develeopment in the first quarter, and it's focused on making the drug accessible and affordable. Gilead Sciences CEO Daniel O'Day joins "Squawk Box" and CNBC's Meg Tirrell to discuss.
Gilead Sciences is working to make experimental antiviral drug remdesivir accessible and affordable to coronavirus patients, but the company will eventually need to transition to a more “sustainable model,” CEO Daniel O’Day said Friday.
“We understand our responsibility both to patients and also to shareholders and we’ll be balancing that,” he said during an interview with CNBC’s “Squawk Box.”
Gilead has said it is prepared to donate 1.5 million doses of its drug to patients hospitalized with Covid-19. However, O’Day said the research and manufacturing of the drug require investment.
Gilead spent $50 million on the research and development of remdesivir during the first quarter, the company disclosed in its earnings report Thursday. The company said it will spend as much as $1 billion for the year.
“There is no playbook for this situation that we’re in today,” he said. “This is the time for us all as an industry, especially Gilead, to do the right thing.”
Gilead shares, which have a market value just under $100 billion, are trading down more than 5% Friday. The stock is up nearly 22% so far this year.
On Wednesday, Gilead released preliminary results from its clinical trial on remdesivir, showing at least 50% of the Covid-19 patients treated with a five-day dosage of the drug improved. The clinical trial involved 397 patients with severe cases of Covid-19. The severe study is “single-arm,” meaning it did not evaluate the drug against a control group of patients who didn’t receive the drug.
The National Institute of Allergy and Infectious Diseases also released results from its own study Wednesday. It showed Covid-19 patients who took remdesivir usually recovered after 11 days, four days faster than those who didn’t take the drug.
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  • Exaggeration on Ramdasivir by news channel and Gilead. Its only money making business.

    Pp HPp H21 hour ago
  • We should start marching for this too; Why in the hell should we pay a dime for this medication when Trump dismantled the freakin program to avoid this disease; this was the governments fault, not ours; and they have the audacity to say if you don't have insurance you can't get it. This is outrageous. Keep posting that we should not be responsible for paying for this drug, this was not our fault.

    Rhonda MarshallRhonda Marshall8 days ago
  • I have stocks in these guys #ProftingFromHealthProblems

    Jacob LJacob LMonth ago
  • It's my wish and hope that this vaccine work to its optimal performance so that people can be cleared to go back to their normal life.

    Oladehinde OlishileOladehinde OlishileMonth ago
  • FABUNAN challenge REMDESIVIR antiviral vaccine

    Blessed LifeBlessed Life2 months ago
  • Thanks God

    Osei YzonOsei Yzon2 months ago
  • We already have effective drugs that have been safely used in humans for decades.

    J JonesJ Jones2 months ago
  • Going to be a great STOCK MONDAY! Can’t wait

    JA GJA G2 months ago
  • This drug should be free. Gilead do the right thing

    Andro diboxAndro dibox2 months ago
  • Oh my gosh!! This is awsome! A brand new drug !! Sh_ts starting to go down!! Haha so far the unethical people true BELIEVERS experts already are finding out their tests not accurate and not so easy to make millions on a drop of a hat!!🤣🤣testing!! Now let's see if this drug kills people

    Holly BHolly B2 months ago
  • Now comes the price gouge and the government overpaying with our tax money.

    CRT MojoCRT Mojo2 months ago
    • What do you expect. Trump owns stock. Very sick things are going on with these evil sociopaths. It runs deep.

      Linda FoxxLinda Foxx2 months ago
  • I have a video on my opinion of Gilead on my page

    stockswithleahstockswithleah2 months ago

    CatherineCatherine2 months ago
  • This is one good piece of news, it's a start until they find the vaccine.

    AntaeusAntaeus2 months ago
    • @Handful of Spades there are a lot of things that are free. Air, sunshine, wild herbs and eatables, rain and spring water, and a kind word. Taking advantage of these free things can give life a positive meaning. So yes, there are free things.

      Linda FoxxLinda FoxxMonth ago
    • @Linda Foxx It's a business. For it to survive it needs money, and for it to grow, it needs money. Nothing in life is free.

      Handful of SpadesHandful of SpadesMonth ago
    • They are selling stock. Making money and they don't care who dies.

      Linda FoxxLinda Foxx2 months ago
  • Gilead got an orphan drug application for Remesdivir in 2015 from the FDA for Ebola. There's a 2018 study involving Coronavirus and Remdesivir that no one is talking about why?

    Iris HewlettIris Hewlett2 months ago
  • The better antiviral is called Galidesivir and it is made by BioCryst - stock symbol BCRX . It is safer - less toxicity than the GILD drug. BCRX j=has a market cap of $500 Million and is the best pick among the COVID vaccines and antivirals.

    JJ2 months ago
    • where’s the head to head comparison?

      Random RonsRandom Rons2 months ago
  • NOTE: A 30 day supply of Hydroxycloroquine (used 2x per day) is $14.95 w/coupon from GoodRx @ Smith's......... (been used for 50+ years, side effects minimal unless overdosed) 3 doses of Remdesivir (aka peramivir) costs $1000.10 @ Walmart w/coupon from GoodRx. Remdesivir also MUST be given via IV (intravenous) (first out in Oct 2015 and has SEVERE side effects, incl respiratory failure and liver damage) Also it's dominate investors are in CHINA! Look it up for yourself!!!!

    j sj s2 months ago
    • j s thank you very much but you know over half the population are suffering from a form of retardation

      I don't know a name to pickI don't know a name to pickMonth ago
  • it's not a is a fat lie...i'm betting all the folks who want us in terror will make a lot of money off this NON-CURE

    mulhollanddosemulhollanddose2 months ago
  • There should be a test of Remdesivir vs HCQ before approving the drugs... there's a lot of side effect on this drug, it has more side effect that HCQ but still approve and the cheap HCQ is not.

    Ian N.Ian N.2 months ago
    • There was for Chloroquine vs Remdesivir. The study was published back in February. Hydroxy has less side effects than Chloroquine but the study was mainly about the efficacy of the two and Remdesivir came out as the winner.

      Jordan ParksJordan ParksMonth ago
    • Ebonix33 read the literature of both drugs.

      Ian N.Ian N.2 months ago
    • stop lying

      Ebonix33Ebonix332 months ago
  • Muchas Gracias Cuba!!! We literally owe you our lives for inventing this drug. Viva Cuba! VIVA Cuba!

    William AlfordWilliam Alford2 months ago
  • I’m sure I’ll see him in the top richest people in world pretty soon! Lol

    TuMuERrTeTuMuERrTe2 months ago
  • Need to start working with the biochemist from africa. Some of their cities have infectiosn but less than 10 deaths and they are 3d printing breathing machines . their COVID test only takes one dollar to make.

    teebone 21teebone 212 months ago

    letr buckletr buck2 months ago
  • ill die before i stick anything me

    justin aldrichjustin aldrich2 months ago

    Aleksander RaznyAleksander Razny2 months ago
  • Highly effective Ivermectin 12 mg tablet costs only 1 dollar in my country. who pays 1000 dollar for 1 dose of Remdesivir which has only marginal effect like vitamin c?

    okinawapunterokinawapunter2 months ago
    • post your findings dont be shy the world is at risk

    • Ivermectin is an anti-parasitic that came about from cattle. It's also used to treat Scabies and Mange.

      Firefox, the browsing dogFirefox, the browsing dog2 months ago
  • Gilead will price Remdesivir after FDA approval.

    Ming-Wei HeMing-Wei He2 months ago
    • price gouge the world

      teebone 21teebone 212 months ago
    • When FDA is expected to approve

      Ritesh MashruRitesh Mashru2 months ago
  • Hope we can find a cure soon

    Social GirlsSocial Girls2 months ago
    • if companies WORKED TOGETHER it would come sooner but everyone is in a race to be first so they can patent and price gouge it. Cuba and African countries are doing great things but the US blocks their products from us

      teebone 21teebone 212 months ago
    • @Gary Oakham Yes, they do. Sure, they can mutate, however, most aren't like the common cold or flu.

      Firefox, the browsing dogFirefox, the browsing dog2 months ago
    • Viruses don’t have cures

      Gary OakhamGary Oakham2 months ago
    • build up your immunity avoid junk food.

      Marco DeoMarco Deo2 months ago
  • Lmao and that's before the drug even passed a double blind/placebo test. TOTAL JOKE AND MARKET MANIPULATION.

    Dimitar IliyanovDimitar Iliyanov2 months ago
    • @LLT Collection I wouldn't doubt China had a treatment for this beforehand.

      Firefox, the browsing dogFirefox, the browsing dog2 months ago
    • The leverage isn't at GILD but at pharma company listed in Shanghai stock exchange!!

      LLT CollectionLLT Collection2 months ago
    • starting at 24:32 joe asks his 1 minute 2 seconds long question, or is it a commentary?

      Marco DeoMarco Deo2 months ago
    • @Dimitar Iliyanov Except there are numerous reports from the nurses that it is helping and recent studies, by a company that eliminated Hepatitis C and made AIDS a chronic illness rather than a deadly one? Sure buddy.

      Firefox, the browsing dogFirefox, the browsing dog2 months ago
    • @Sam N lol it's just a failed ebola drug that they are trying to sell and the orange clown is using them to deliver "good" news every single week.

      Dimitar IliyanovDimitar Iliyanov2 months ago