Pharmaceutical giants have added $51 billion to their market value in 2020 as they scramble to develop a coronavirus vaccine
- Leading pharmaceutical companies have seen their combined market capitalizations increase by more than $50 billion in 2020 as they scramble to develop a
vaccinefor the coronavirus, according to data compiled by financeblog AksjeBloggen. Gilead Sciencesis the frontrunner among six pharma companies, seeing a $15.7 billion gain in market value, helped by its trials of the antiviral medication Remdesivir.
- Moderna, one of the companies furthest along in its vaccine development, has seen its market value jump by $15.5 billion amid the coronavirus outbreak.
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Major pharmaceutical companies invested in
These companies made significant
Gilead came out as the top winner in market value and shot to the public spotlight during the pandemic, seeing about a $15.7 billion increase in the period.
By the end of January alone, its market value stood at $79 billion, according to data from MacroTrends.
Less than two months later, the figure jumped by almost 30% to $101 billion.
Gilead's pinnacle position among other pharma companies was aided by trials of its antiviral medication Remdesivir, which was touted as a possible treatment for the Covid-19 disease.
Last week its value stood at about $94 billion, a 20% jump since the start of the year.
Moderna, one of the companies furthest along in its vaccine development, has seen its market value jump by $15.5 billion amid the coronavirus outbreak.
"We do know that
Moderna's market value stood at $22.2 billion last week, up from $6.7 billion at the beginning of January.
On May 18, the company's market capitalization peaked at $28.3 billion as its stock climbed after receiving a financial boost of $483 million from US agency Biomedical Advanced Research and Development Authority (BARDA) to spur development of a vaccine.
Last week, the combined value of its shares rose to $142.4 billion from $130.3 billion at the end of January.
On May 13, its value peaked at $145 billion after announcing a collaboration with Oxford University to develop a COVID-19 vaccine.
AstraZeneca is perhaps the most advanced in its pursuit of a vaccine, Swaminathan said.
"Certainly in terms of how advanced they are, the stage at which they are, they are I think probably the leading candidate," she told a news conference, according to Reuters.
Market values for Roche, Sanofi, and BioNTech rose by $3.9 billion, $2.2 billion, and $1.8 billion respectively in the first half of the year.
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