Gilead set to extend gains on success of long-acting HIV drug trial
Updates
** Shares of drugmaker Gilead Sciences GILD.O rise 3.2% to $70.7 premarket followingHIV drug trial success reported on Thursday
** Stock closed 5% higher a day earlier on the news, after rising as much as 8.5% during the session
** Co's late-stage study showed injectable drug lenacapavir was more effective in preventing HIV infection in women versus its existing daily pill Truvada
** There were zero incidents of HIV infection among women who received lenacapavir
** GILD said more detailed data would be presented at a future conference
** "This improved drug could be more effective and easier than daily pills for high risk individuals," Jefferies analyst Michael Yee said on Friday
** "This could add $1 billion to the longer-term growth of GILD's HIV business...," Yee added
** The drug, branded as Sunlenca and given twice a year, gained U.S. approval in 2022 as a long-acting treatment option for heavily pre-treated patients infected with HIV and who have become resistant to multiple drugs
** As of last close, stock down more than 15% YTD
Reporting by Pratik Jain in Bengaluru
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