The U.S. Food and Drug Administration (FDA) on Thursday approved Gilead Sciences' antiviral drug Veklury (remdesivir) as a treatment for COVID-19, the agency said in a statement.

Previously authorized by the FDA for emergency use to treat the coronavirus disease, Veklury is now the first and only approved COVID-19 treatment in the United States, according to the statement.

Veklury is indicated for adults and pediatric patients (12 years of age and older and weighing at least 40 kg) for the treatment of COVID-19 requiring hospitalization, Gilead said.

Clinical trials show Veklury shortened the time to recovery by five days in hospitalized COVID-19 patients, according to the company.