REUTERS: Investors betting on big profits from COVID-19 treatments may get an unwelcome surprise when Gilead Sciences Inc reports quarterly results this month. Its remdesivir, the first important coronavirus treatment, has not been used as much as first expected and faces complex insurance reimbursement issues.
Gilead, whose shares have fallen 22per cent since the U.S. Food and Drug Administration authorized remdesivir for emergency use in May, said the WHO findings are"inconsistent with more robust evidence." The European Union in July purchased 30,000 courses worth another US$74 million. The EU recently contracted for 500,000 remdesivir courses over the next six months, but the deal does not require purchases.
She declined in an interview to discuss Gilead's sales expectations, but said some of the excess U.S. supply was soaked up by HHS for stockpiling, and some was diverted to Europe. Medicare in March approved a 20per cent increase in its payment for hospital stays related to COVID-19 but does not reimburse directly for remdesivir, which costs US$3,120 for a five-day course, or US$2,340 for government purchasers."The price is not outrageous enough," said Katherine Perez, infectious disease pharmacist at Houston Methodist Hospital."We are hoping it is getting patients out of the hospital sooner.
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