Gilead Names New Operating Chief
May 24 2016 - 6:00PM
Dow Jones News
By Lisa Beilfuss
Gilead Sciences Inc. on Tuesday named Kevin Young as its chief
operating officer, an appointment that puts him in charge of
responsibilities vacated by departing head of commercial
operations, Paul Carter.
Mr. Young served as the biopharmaceutical company's executive
vice president of commercial operations for a decade ending in
2014, at which point he became a senior adviser to the company.
"I am delighted to welcome Kevin back to Gilead in a full-time
capacity, " said Chief Executive Officer John Milligan, praising
Mr. Young's shepherding of eight new therapies during his
tenure.
Gilead, known for its hepatitis C drugs, is facing growing
competition in the booming space. Pharmaceutical giant Merck &
Co. recently launched a new treatment that costs 30% less than
rival drugs, while AbbVie Inc. markets Viekira Pak, a competing and
similarly costly treatment it launched in late 2014. Gilead has
managed to protect much of its market share, but analysts have
cautioned that pressure is heating up.
Amid growing competition for Harvoni and Sovaldi -- which make
up about two-thirds of its business -- the company has several
drugs in its pipeline. Several are in late-stage trials, ranging
from AIDS and liver-disease treatments to oncology, and it has
about two dozen more in early to mid-stage development phases.
Gilead said Tuesday that Mr. Carter, the former head of
commercial operations, would depart to pursue other opportunities.
Separately, the company name Martin Silverstein as head of
strategy.
Gilead shares, down 15% this year through Tuesday's close, were
inactive in after-hours trading.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
May 24, 2016 17:45 ET (21:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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