Gilead’s Covid-19 treatment Veklury props up first quarter gains amid $2.7B Trodelvy writedown
Gilead got a sales boost from its Covid-19 treatment for the first quarter — to the tune of $1.5 billion. The likely temporary bump came just in time though as Gilead reassessed its cancer drug Trodelvy’s value and took a $2.7 billion R&D impairment charge.
The anticipated reckoning for Trodelvy came after a Phase III readout last month that met its primary endpoint, but left analysts questioning the lack of details. Gilead acquired the drug through its $21 billion deal for Immunomedics in 2020 with the hopes of shaking up the standard of care for triple-negative breast cancer.
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