Stock Watch: Veklury Peaks And Leaves Gilead In The Lurch
The Pandemic Still Drags On Other Antiviral Sales
Veklury rescued Gilead’s weak underlying first-quarter performance. But the pandemic and its associated behavioral effects, as well as patent expiries, will continue to drag.
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Descovy saw a sales decline, though that was due to payer discounts for PrEP, with the drug’s market share continuing to grow.
Factors in addition to the rejuvenation of pharmaceutical revenues and biotechnology product failures are likely to pull in opposite directions at the sector’s recovery from the pandemic.
Revenues are still elusive for a surprising number of the novel drugs approved by the FDA five years ago. Emergent safety issues and confirmatory clinical trial failures were less common than lack of competitiveness as the main reason for revenue weakness.