Proactive Investors - Gilead Sciences Inc (NASDAQ:GILD, ETR:GIS) shares fell by their most since 2015 as the late-stage trial of its antibody-drug conjugate Trodelvy failed to show a significant improvement in the overall survival of patients with certain types of lung cancer.
Shares of the biotech firm were down nearly 11% by midday Monday after the Phase 3 EVOKE-01 study did not meet the primary endpoint for patients with advanced or metastatic non-small cell lung cancer (NSCLC) who had previously received platinum-based chemotherapy or a checkpoint inhibitor.
Trodelvy recipients did not experience a significant increase in overall survival compared to those receiving chemotherapy alone, Gilead said Monday.
The company has expressed its intention to engage in discussions with regulators and explore the potential benefits of the drug for specific lung cancer patients.
Despite the setback, Gilead remains optimistic about Trodelvy's potential as a first-line therapy based on previous clinical trial results. The company intends to share detailed results from the trial with regulators and present findings at an upcoming medical meeting.
Gilead’s biggest one-day decline came in December 2014 when its stock fell over 14%.