Gilead's stock jumps 5% after setting patent case related to HIV therapies

Shares of Gilead Sciences Inc. were up 5.2% in premarket trading on Monday after the company said in a securities filing that it settled a patent case that extends the exclusivity of its HIV franchise. The drug cited in the case is tenofovir alafenamide, which is included in the formulation of several Gilead therapies, including Biktarvy and Truvada. Gilead said it agreed to a non-exclusive license with several generic drug manufacturers - Cipla Ltd. , Lupin Ltd. , Apotex Inc., Macleods Pharmaceuticals Ltd., and Hetero Labs Ltd. - that first goes into effect in 2031. "This settlement will [meaningfully] extend the exclusivity of several key HIV agents including Descovy, Vemlidy, and Odefsey to 2031 and 2032 (for Odefsey)," RBC Capital Markets analyst Brian Abrahams wrote Monday. Gilead's stock is down 10.1% this year, while the broader S&P 500 has declined 14.6%.

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