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The Zacks Analyst Blog Highlights: Gilead, Eli Lilly, Incyte and Pfizer

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For Immediate Release

Chicago, IL – November 24, 2020 – announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Gilead Sciences, Inc. (GILD - Free Report) , Eli Lilly and Company (LLY - Free Report) , Incyte (INCY - Free Report) and Pfizer (PFE - Free Report) .

Here are highlights from Friday’s Analyst Blog:

Gilead (GILD - Free Report) Down on Remdesivir Update

Shares of Gilead Sciences, Inc. are down in pre-market trading after the World Health Organization (WHO) issued a conditional recommendation against the use of its remdesivir in hospitalized COVID-19 patients, regardless of disease severity.

The WHO stated that there is currently no evidence that remdesivir improves survival and other outcomes in these patients.

Data reviewed by the WHO panel included results from the Solidarity study, as well as 3 other randomized controlled studies. Overall, data from more than 7000 patients across the 4 trials were considered. Per the review, there was no significant effect on mortality, need for mechanical ventilation, time to clinical improvement, and other patient-important outcomes with remdesivir treatment.

We note that the FDA recently granted full approval to remdesivir, under the brand name Veklury, for the treatment of patients with COVID-19. The European Commission (“EC”) also granted conditional Marketing Authorization to remdesivir for the treatment of COVID-19.

Veklury generated $873 million in sales primarily in the United States during the third quarter of 2020.

Gilead lowered its annual guidance while reporting the third-quarter 2020 results. The guidance was lowered primarily due to the impacts of the COVID-19 pandemic and lower demand for antiviral drug, Veklury.

Gilead’s shares have lost 7.7% in the year so far compared with the industry’s decline of 2.4%.

Currently, there are no FDA-approved treatments for the severe illness caused by SARS-CoV-2. The pharma/biotech sector is racing against time to come up with treatments and vaccines to cure the contagion. Given the alarming levels of the spread and severity of the pandemic, quite a few pharma/biotechs are developing antibodies or evaluating their approved drugs or pipeline candidates to determine if they are effective enough to treat the infected patients.

Eli Lilly and Company and partner Incyte recently announced that the FDA issued an Emergency Use Authorization (EUA) for the distribution and emergency use of baricitinib to be used in combination with remdesivir in hospitalized adult and pediatric patients two years of age or older with suspected or laboratory-confirmed COVID-19, who require supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO).

Pfizer and BioNTech SE will also be submitting a request to the FDA to grant an Emergency Use Authorization (EUA) of their mRNA vaccine candidate, BNT162b2, against SARS-CoV-2.

Gilead currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit information about the performance numbers displayed in this press release.

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