Shortly after PPI disappointed and Fed's Kaplan warned of dis-inflation, the markets spiked higher apparently on the heels of yet another press release by Gilead claiming a 62% reduction in mortality rates vs 'standard care' with its Remdesivir COVID treatment.  

While the news looks encouraging, Gilead caveats it all further down in the pres release:

"This comparative analysis provides valuable additional information regarding the benefit of remdesivir compared with standard of care alone," said Susan Olender, MD, Columbia University Irving Medical Center. "While not as vigorous as a randomized controlled trial, this analysis importantly draws from a real-world setting and serves as an important adjunct to clinical trial data, adding to our collective understanding of this virus and reflecting the extraordinary pace of the ongoing pandemic."

While he welcomed the results as an encouraging development, Dr. Scott Gottlieb noted that we're not there yet, and that most of these new findings have been gleaned from a "retrospective analysis" of phase III data that had already been released.

So just like Moderna before it, Gilead is learning how to squeeze every last drop of market success from its study data.

And as shares of the pharma giant spike...