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Gilead reports $820M impairment on Kite anti-BCMA therapy

February 7, 2019 6:53 PM UTC

As Daniel O’Day prepares to step in as the company’s chairman and CEO, Gilead Sciences Inc. (NASDAQ:GILD) reported 4Q18 earnings that included an $820 million impairment charge for anti-BCMA therapy KITE-585, one of the compounds gained in its nearly $12 billion acquisition of Kite Pharma Inc.

The announcement follows comments by John McHutchison, CSO and head of R&D, at the J.P. Morgan Health Care Conference last month, that Gilead would not be advancing the product, which comprises autologous T cells genetically modified to express a CAR targeting BCMA and was in Phase I testing to treat multiple myeloma. He said that the therapy “doesn’t have that depth of response or that durability of response to really allow us to put forward a best-in-class product. So we probably won’t take that -- we won’t take that program forward.”...

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