The antiviral drug remdesivir received marketing approval Thursday from the U.S. Food and Drug Administration as a Covid-19 treatment. For
which will market the drug under the brand name Veklury, the sales of the drug could help the company get through a period of increasing competition for its products treating HIV and hepatitis.
Gilead stock (ticker: GILD) was up about 4% Friday after the news, to a level around $63.
The FDA gave Veklury a broad approval, allowing its use in patients over the age of 12 who are hospitalized with Covid-19. A study published in October in The New England Journal of Medicine found that the drug reduced recovery times for hospitalized patients from an average of 15 days to 10.