Veklury becomes first drug to get full FDA-approval for COVID-19

US biotech major Gilead Sciences (Nasdaq: GILD) late Thursday announced that the US Food and Drug Administration (FDA) has approved the antiviral drug Veklury (remdesivir) for the treatment of patients with COVID-19 requiring hospitalization. As a result of the news, Gilead’s shares were up 4.5% at $63.40 in pre-market trading today.

As an antiviral drug, Veklury works to stop replication of SARS-CoV-2, the virus that causes COVID-19. Previously authorized by the FDA for emergency use to treat COVID-19, Veklury is now the first and only approved COVID-19 treatment in the USA. The drug is now widely available in hospitals across the country, following early investments to rapidly expand manufacturing capacity to increase supply. The FDA said the drug cut the recovery time for hospitalized patient by five days in clinical trials.

In the USA, Veklury will cost $3,120 via private insurers and $2,340 via government purchasers for a five-day course. It was recently given to President Donald Trump after he tested positive for Covid-19, and has since recovered.