Gilead Shares Fall After Company Misses On Revenue

Gilead Sciences Inc. shares fell 6% late Thursday after the Silicon Valley biotech company reported lower-than-expected first-quarter sales. Gilead said it earned an adjusted $4.3 billion, or $3.03 a share, in the quarter, compared with $4.6 billion, or $2.94 a share, in the year-ago period. Revenue reached $7.8 billion in the quarter, up from $7.6 billion a year ago. Analysts polled by FactSet had expected Gilead to report adjusted earnings of $3.15 a share on sales of $8.06 billion. In a separate statement, Gilead said it has declared a dividend of 47 cents a share for the second quarter, payable June 29 to shareholders of record June 16. Shares of Gilead had ended the regular trading day down 3.7%.