Gilead Recovers as Quarterly Revenue Reassures Investors (1)

Gilead Sciences Inc. shares erased a decline as a strong quarterly performance more than offset a lower profit outlook amid litigation costs. The stock rose as much as 1.2%.

In June, a California jury found that Gilead and Teva Pharmaceutical Industries Ltd. didn’t engage in an anticompetitive conspiracy to delay generic versions of the HIV drugs. However, before the case went to trial, the companies reached a last-minute deal with major pharmacy chains and direct purchases. Gilead paid $525 million in settlements, according to a second-quarter earnings release, which shaved 32 cents off of per-share earnings.

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