Gilead revenue and profit dips due to drop in Harvoni and Sovaldi sales
US biotech major Gilead Sciences (Nasdaq: GILD) has reported reduced third-quarter 2016 revenue and profit compared to the same period in 2015.
Total revenue for the quarter was $7.5 billion, a 9.6% drop on the $8.3 billion of the third quarter a year ago, and net income was down by 28% from $4.6 billion to $3.3 billion.
Diluted earnings per share dropped to $2.49 from the $3.06 of the previous year and quarterly profit excluding one-time items was $2.75 per share, below the predictions of analysts which averaged $2.85.
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