SAN FRANCISCO - Gilead Sciences Inc., the Foster City, Calif., biotech major, reported fourth-quarter net income fell 22% on 1.7% lower revenue. Earnings dropped to $629.4 million, or 76 cents a share, from $802.2 million, or 87 cents, in the year-earlier period. Adjusted earnings were 95 cents a share against 93 cents. Revenue was $2 billion versus $2.03 billion. A survey of analysts by FactSet Research produced consensus estimates of 94 cents a share of profit on $1.99 billion of revenue. Separately, the U.S. Food and Drug Administration issued a refuse-to-file letter turning down Gilead's application for clearance to market a single-tablet regimen of Truvada and Tibotec Pharmaceuticals' investigational drug, TMC278. The regimen is designed to treat HIV-1 infection in adults. The FDA needs certain additional data on Gilead's request, the company said.
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