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2020-07-08 • Updated
Gilead Sciences has priced this Monday its coronavirus-fighting drug - remdesivir. The price will depend on the buyer. For example, the US government will have to pay $2 340 for a 5-day course of the drug, US private insurance companies - $3 120. Also, they will significantly cut prices to nearly $500 for developing countries. The price turned out less than analysts expected as the pre-sales early price was $12 000. Indeed, it’s the one drug that at least shows some effectiveness in hospitalized cases. That’s why they are allowed to set any price they want. Gilead is spending 1 billion dollars on its manufacturing by the end of the year, that’s why the price is quite reasonable.
According to RBC Capital Markets, remdesivir sales may increase revenue by nearly 2.3 billion dollars this year. That will add 1.3 billion dollars to the Gilead’s profit and 1 dollar to earnings per share for 2020.
Bloomberg strategists set the target price at $97. Now it’s $77. It’s worth considering that COVID-19 vaccine developments may weigh on Gilead in the long term. When the vaccine is created, remdesivir won’t be needed anymore and the stock may lose its value. Nevertheless, there is nothing that can stop the stock from rising in the short term. The stock is headed towards the resistance at $78. If it crosses it, it may surge further to the high of May 11 at $81. Support levels are $73.5 and $72.
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