Gilead Stock Plunges More Than 10% After Failed Lung Cancer Treatment Trial
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Key Takeaways
Gilead Sciences shares tumbled after the drug giant said Monday that an experimental lung cancer treatment it makes missed trial goals.
Survival rates for those taking the medicine, Trodelvy, weren’t significantly higher than a chemotherapy treatment that Trodelvy was compared with, Gilead reported.
The news sent shares of Gilead Sciences down more than 10% in intraday trading Monday and into negative territory over the past year.
Shares of Gilead Sciences Inc. (
GILD
) tumbled over 10% in intraday trading Monday after reporting that a late-stage study of its experimental lung cancer drug, Trodelvy, missed trial goals.
The company said that a Phase 3 trial of the medication “did not meet its primary endpoint of overall survival (OS) in previously treated metastatic non-small cell lung cancer (NSCLC).”
Gilead compared Trodelvy with another cancer-fighting medicine, docetaxel, and noted that while some improvement favoring Trodelvy was observed in those taking it, the difference wasn’t significant.
However, Gilead Chief Medical Officer Merdad Parsey said that the totality of the data “gives us continued confidence in Trodelvy’s potential in metastatic NSCLC, and in our broader lung cancer clinical development program.”
The company said it would be discussing the results of the trial with regulators.
Trodelvy has already received
Food and Drug Administration (FDA)
approval to treat several forms of breast and urothelial cancers. It’s one of the company’s best-selling drugs, with sales soaring 58% year-over-year to $283 million in the third quarter.
The news sent shares of Gilead Sciences down 10.9% to $77.73 per share as of about 3:30 p.m. ET Monday, and into negative territory over the past year.
