Shares of Gilead Sciences Inc.
rose 4.9% in Monday trading after the company said in a news release that Trodelvy improved overall survival rates in people with HR+/HER2- metastatic breast cancer. Gilead said it has already submitted an application to the Food and Drug Administration asking the regulator to approve Trodelvy for this group of patients. He also said he expects to soon share full data from that clinical trial, which will help Wall Street analysts understand how Trodelvy will compete with AstraZeneca
Enhertu, according to SVB Securities analyst David Reisinger. Trodelvy, which was approved to treat metastatic triple-negative breast cancer and metastatic urothelial cancer in 2021, generated about $380 million in sales last year. Raymond James analyst Stephen Seedhouse told investors he expects the FDA to approve Trodelvy for that indication after a six-month review cycle. Shares of Gilead are down 9.1% this year, while the broader S&P 500
has decreased by 10.2%.