Join BI PrimeThe California biotech giant Gilead Sciences is planning to spend up to $1 billion to ramp up production of itsThe manufacturing ambitions come before the antiviral drug is approved by any health regulators for use in COVID-19, the disease caused by the coronavirus.
The ultimate size of the investment will depend on how the drug's data and the pandemic evolve, said Andrew Dickinson, Gilead's chief financial officer. Through the end of March, Gilead had spent about $50 million on remdesivir, without knowing whether or not it worked. Looking beyond the immediate term, Gilead executives declined to say how they'll set a price for the pill, which is now the frontrunner to be the first effective coronavirus treatment. Hospitalized patients who got remdesivir recovered 31% faster than a group taking placebo, the US National Institutes of Health found in a clinical trial.
SVB Leerink biotech analyst Geoff Porges, for instance, referenced the profit margins Gilead has made selling medicines for other infectious diseases like HIV and Hepatitis C."I don't think there is a precedent for this," O'Day replied, saying a market for a COVID-19 treatment will be unique and different from these other diseases.
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