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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