Gilead Sciences, Inc. (NASDAQ:GILD) – Gilead CEO: We Expect Remdesivir To Work On New COVID-19 Strains

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Daniel O’Day, the CEO of Gilead Sciences Inc. (NASDAQ: GILD), told CNBC on Monday that the drugmaker expects the antiviral drug to be fully effective against new strains of the coronavirus. 

What Happened: O’Day appeared on CNBC’s “Squawk Box.”

Gilead “has invested a lot in remdesivir and will continue to invest in remdesivir,” he said.

Why It’s Important: O’Day told CNBC that the important news is how remdesivir impacts the time COVID-19 patients spend in the hospital. 

As hospitalizations have quadrupled worldwide, one out of every two patients are receiving remdesivir, which can reduce the hospital phase by up to a week and reduce the chances of patients going on to more severe illness and dying by up to 70%, the CEO said. 

Remdesivir is an antiviral drug that was approved for COVID-19 treatment in the U.S. and is mainly used to shorten recovery time for patients. Outgoing President Donald Trump received this drug when he was diagnosed with COVID-19 in October.

The new coronavirus strains that were found in the U.K. and South Africa have been tested with Gilead’s remdesivir in a lab in California, O’Day said, adding that “it maintains its effectiveness.” 

“I expect remdesivir with these variants will continue to make an impact on patients.”

GILD Stock Action: Shares of Gilead were down 0.35% at $62.82 at last check Monday. 

Photo courtesy of Gilead. 

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