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Aug. 7, 2020, 8:11 a.m. EDT

Pfizer to help manufacture Gilead's remdesivir

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By Jaimy Lee

Shares of Pfizer Inc. /zigman2/quotes/202877789/composite PFE -0.52% gained 1.0% in premarket trading on Friday after it announced that it will help manufacture Gilead Sciences Inc.'s /zigman2/quotes/210293917/composite GILD +0.02% COVID-19 treatment remdesivir as part of a multi-year agreement. Gilead's stock was up 0.6% on Friday before the market opened. This is a rare manufacturing deal between two of the world's largest drugmakers; "Together, we are more powerful than alone," Pfizer CEO Albert Bourla said in a news release. Remdesivir, which has received an emergency authorization from the Food and Drug Administration as a treatment for severely ill COVID-19 patients, has not been formally approved by the regulator. Since the start of the year, Pfizer's stock is down 2.3%, shares of Gilead have gained 5.9%, and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.12% has rallied 3.6%.

/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 36.63
-0.19 -0.52%
Volume: 30.07M
Sept. 18, 2020 4:05p
P/E Ratio
14.57
Dividend Yield
4.15%
Market Cap
$203.55 billion
Rev. per Employee
$580,595
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/zigman2/quotes/210293917/composite
US : U.S.: Nasdaq
$ 65.05
+0.01 +0.02%
Volume: 14.26M
Sept. 18, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
4.18%
Market Cap
$81.55 billion
Rev. per Employee
$2.02M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,319.47
-37.54 -1.12%
Volume: 4.09B
Sept. 18, 2020 5:15p
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