Gilead shares rise after United States approves remdesivir as COVID-19 drug

Gilead Sciences Inc pharmaceutical company is seen after they announced a Phase 3 Trial of the investigational antiviral drug remdesivir in patients with severe coronavirus disease (COVID-19), during the outbreak of the coronavirus disease (COVID-19), in Oceanside, California, U.S. [Reuters]

Shares of Gilead Sciences Inc rose 6% on Friday after its antiviral drug, remdesivir, became the first and only approved treatment for COVID-19 in the United States.

The U.S. health regulator’s approval on Thursday for its use in hospitalized patients came despite the World Health Organization last week saying the drug did not have a substantial effect on patients’ length of hospital stay or chances of survival in a global trial.