Gilead Names New Operating Chief

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 [e-mail]

(END) Dow Jones Newswires

May 24, 2016 17:45 ET (21:45 GMT)

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