Jun 4, 2020 - Economy & Business

Wall Street forecasts blockbuster sales for Gilead's coronavirus drug remdesivir

Photo: Liu Guanguan/China News Service via Getty Images

Gilead's intravenous coronavirus drug remdesivir could fetch $6.7 billion in revenue in 2021 with a 19% profit margin, assuming the company prices each treatment at $5,000, according to new forecasts from Geoffrey Porges, a highly read pharmaceutical analyst at Wall Street firm SVB Leerink.

Why it matters: That kind of price tag would make remdesivir a blockbuster, but it's far from being a blockbuster treatment.

That price would also be above what independent researchers suggest is a fair price.

What they're saying: Gilead will start charging for the drug, to be sold as Veklury, after its donated supply runs out, which is expected to occur as soon as this month. Gilead did not provide an updated timeline for when a price would be disclosed.

Go deeper: The final data for remdesivir is in

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Jacob Knutson

Jun 29, 2020 - Health

Gilead sets price for coronavirus treatment remdesivir

Photo: Justin Sullivan/Getty Images

Gilead will charge U.S. hospitals $3,120 for the shortest treatment course of its coronavirus drug remdesivir for typical patients with private insurance, according to an open letter from CEO Daniel O’Day.

Why it matters: It is the first antiviral drug shown to effectively treat coronavirus in a major clinical trial, and Gilead's pricing decision may set the bar for how future treatments will be priced.

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Axios

1 min ago - Health

Texas governor mandates face masks in public spaces

Photo: Mario Tama/Getty Images

Texas Gov. Greg Abbott (R) issued an executive order Thursday requiring all Texans to wear a face covering in public in counties with 20 or more positive coronavirus cases.

Why it matters: It's a stark reversal for the Republican governor that underscores the seriousness of the outbreak in Texas, which set a daily record on Wednesday with more than 5,000 confirmed new cases. On June 3, Abbott issued an executive order banning local governments from imposing fines on people who don't wear masks in public.

This story is developing. Please check back for updates.

Orion Rummler

18 mins ago - Health

Top business leaders urge White House to develop mandatory mask guidelines

A man walks past a Ramen restaurant in Los Angeles, California on July 1. Photo: Frederic J. Brown/AFP via Getty Images

The heads of the U.S. Chamber of Commerce, Business Roundtable, National Retail Federation and other top business organizations wrote an open letter on Thursday urging the White House coronavirus task force to work with governors to make face coverings mandatory in all public spaces.

Driving the news: An analysis led by Goldman Sachs' chief economist found that a national mandate requiring face coverings would "could potentially substitute for lockdowns that would otherwise subtract nearly 5% from GDP," the Washington Post reports.