Shares of Gilead Sciences Inc. declined in Monday's extended session after the biopharmaceutical company lowered its 2016 outlook on product sales despite turning in better-than-expected quarterly earnings. Gilead reported its second-quarter earnings fell to $3.5 billion, or $2.58 a share, from $4.49 billion, or $2.92 a share, a year earlier. Excluding charges and other items, Gilead would have earned $3.08 a share. Revenue decreased to $7.78 billion from $8.24 billion. Analysts surveyed by FactSet had forecast adjusted earnings of $3.02 a share on revenue of $7.77 billion. Sales of its hepatitis C drugs Sovaldi and Harvoni shrank to $4 billion versus $4.9 billion in the same quarter last year, prompting the drug company to cut its 2016 net product sales forecast to a range of $30.5 billion to $29.5 billion from $31 billion to $30 billion previously. Gilead dropped 3.2% after hours.
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