Gilead Sciences reports almost $900 million in Q3 2020 remdesivir sales

Remdesivir, a therapeutic to treat COVID-19, boosted 3rd quarter sales for pharmaceutical company Gilead Sciences by nearly $900 million, according to results released on Wednesday, October 28, by the drugmaker.

The medication, sold under the brand name Veklury and originally developed to treat Ebola, has been shown to shorten the recovery time for patients hospitalized with the new coronavirus. 

Gilead reported a 17% jump in 3rd quarter revenues to $6.6 billion.

The company reported a profit of $360 million, compared with a loss of $1.2 billion in the year-ago period.

The United States Food and Drug Administration last Thursday, October 22, granted full approval to the antiviral drug remdesivir as a treatment for patients hospitalized with COVID-19, after conditional authorization was given in May.

Remdesivir, which is administered by an injection, was one of the first drugs to show relative promise in treating the virus, although its efficacy in reducing its mortality rate is unproven.

President Donald Trump, who tested positive for the coronavirus early in October, was treated with remdesivir – among other drugs – at a military hospital outside Washington.

Shares of Gilead fell 1.4% to 57.90 in after-hours trading. – Rappler.com