Biotech Values

[DewDiligence]

GILD reports purportedly-positive phase-3 Trodelvy data:

https://finance.yahoo.com/news/phase-3-tropics-02-study-133000097.html

However, in a companion 8-K filing today, GILD says:

https://www.sec.gov/Archives/edgar/data/0000882095/000110465922030888/tm228518d1_ex99-2.htm

We are evaluating the impact to our in-process R&D on the balance sheet, and that could impact our GAAP EPS guidance. We expect to update you on our Q1 call.

Why would GILD have to consider a balance-impairment if the trial in question was a full-fledged success? (Rhetorical.)

GILD paid $21B cash to acquire Immunomedics—and hence Trodelvy—in 2020 (#msg-158261866).

p.s. The opinion in #msg-158260565 seems to have aged well.