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Gilead takes over remdesivir distribution in the U.S.

Shares of Gilead Sciences Inc. were down 0.3% in trading on Thursday after the drugmaker announced it is now in charge of distributing remdesivir, its COVID-19 treatment, as of Oct. 1. When the Food and Drug Administration (FDA) granted an emergency use authorization to the drug in May, it stipulated that the U.S. government would be responsible for distributing the medication to hospitals for a set period of time. The company said it has the manufacturing capacity to meet current demand for remdesivir in the U.S., and it will also reach that benchmark globally, sometime this month. AmerisourceBergen Corp. will continue to be the sole distributor of remdesivir in the U.S. Its stock was down 1.6% in afternoon trading. Gilead had announced plans in August to pursue a full FDA approval of the drug. Gilead's stock is down 2.9% for the year, while the S&P 500 has gained 4.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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