Gilead Sciences 2Q Profit Down On HIV Litigation, Higher CostsBy Paul ZiobroGilead Sciences posted a drop in second-quarter profit, which was hit by a settlement in HIV antitrust litigation and higher operating costs. Revenue increased 5.5% to $6.6 billion from $6.26 billion, ahead of analyst estimates for $6.54 billion. The higher revenue was primarily due to increased sales of HIV and oncology therapies, partially offset by lower sales of Veklury. Gilead said the profit decline was mainly due to a $525 million litigation accrual for settlements with certain plaintiffs, which dented per-share earnings by 32 cents. Write to Paul Ziobro at paul.ziobro@wsj.com(END) Dow Jones NewswiresAugust 03, 2023 16:18 ET (20:18 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal August 04, 2023 02:27 UTC