Gilead Sciences Inc - GILD STOCK NEWS

Gilead Sciences (Nasdaq: GILD) reported third-quarter 2020 revenues of $6.6 billion, a 17% increase from $5.6 billion in Q3 2019. Product sales rose 18%, attributed mainly to strong demand for HIV products and the COVID-19 treatment, Veklury, which generated $873 million. GAAP net income was $360 million ($0.29 EPS), a turnaround from a net loss in Q3 2019. Non-GAAP net income reached $2.7 billion ($2.11 EPS), reflecting a 27% year-over-year increase. However, HCV product sales significantly declined by 31%. Gilead's updated 2020 revenue guidance reflects the ongoing impact of the COVID-19 pandemic.

Gilead Sciences announced the completion of its acquisition of Immunomedics for approximately $21 billion. This strategic move aims to enhance Gilead's oncology portfolio, particularly through the integration of Immunomedics' lead asset, Trodelvy, which is the first FDA-approved ADC for treating metastatic triple-negative breast cancer. Gilead's CEO, Daniel O'Day, emphasized the focus on expanding Trodelvy's market reach and exploring its potential across various cancer types. Following the merger, Immunomedics will operate as a wholly owned subsidiary of Gilead.

Gilead Sciences (GILD) has announced FDA approval for its antiviral drug Veklury (remdesivir) as the first approved COVID-19 treatment in the U.S. This approval follows emergency use authorization and is based on significant clinical trial data. Veklury demonstrated a reduced recovery time in hospitalized patients, improving recovery by an average of five days compared to placebo. The drug is now available nationwide, supported by expanded manufacturing capacity. Veklury is indicated for adults and pediatric patients aged 12 and older requiring hospitalization.

Gilead Sciences (Nasdaq: GILD) announced the appointment of Anthony Welters to its Board of Directors. Welters, a former Senior Adviser at UnitedHealth Group, brings significant experience in health insurance and managed care. His leadership roles include being Executive Vice President at UHG and founding AmeriChoice. Currently, he is involved with several organizations, providing insights into healthcare delivery. Gilead's CEO, Daniel O’Day, expressed confidence that Welters' expertise will enhance the board's ability to deliver transformational medicines to patients in need.

Gilead Sciences announced results from the BRAAVE 2020 Phase 3 trial, showing that switching to Biktarvy is effective for HIV treatment in Black or African American patients who are virologically suppressed. A total of 495 participants were randomized, with 99% in the Biktarvy group maintaining HIV-1 RNA < 50 copies/mL after 48 weeks. The study highlights Biktarvy's potential, especially for those with prior treatment failures. Gilead also presented findings on tenofovir alafenamide's impact on weight gain in patients switching from TDF to TAF.

Gilead Sciences (Nasdaq: GILD) presented 18 abstracts at IDWeek 2020, showcasing advancements in HIV treatment and COVID-19 clinical developments. Key trials include the DISCOVER trial evaluating Descovy for PrEP and insights on renal outcomes. New data on Biktarvy in underrepresented HIV populations and the efficacy of Veklury for COVID-19 treatment was also shared. Gilead aims to enhance antiviral innovations addressing complex public health challenges, as stated by Diana Brainard, MD.

Kite, a Gilead Company (GILD), announced a positive opinion from the EMA CHMP for KTE-X19, a CAR T cell therapy for adult patients with relapsed or refractory mantle cell lymphoma after two or more lines of systemic therapy, including a BTK inhibitor. The recommendation supports conditional marketing authorization based on favorable safety and efficacy data from the ZUMA-2 trial. Mantle cell lymphoma affects a significant number of patients annually in Europe, with a poor prognosis. KTE-X19 remains investigational in Europe, pending a final decision by the European Commission.

Gilead Sciences is set to release its third quarter 2020 financial results on October 28, after market close. A conference call will be held at 4:30 PM ET, where management will discuss the results and provide a business update. Investors can access the live webcast on the company's investor page or via phone. The results will be crucial for stakeholders to assess Gilead's performance, especially given its focus on innovative medicines for severe illnesses.

Gilead Sciences (Nasdaq: GILD) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for its cash tender offer for Immunomedics, which expired on October 13, 2020. This marks a significant step towards the completion of the tender offer, which requires a majority of Immunomedics' outstanding shares to be tendered. The offer is set to expire on October 22, 2020. This development is crucial for Gilead as it seeks to enhance its product pipeline, particularly with Immunomedics' Trodelvy.