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Gilead quarterly profit falls as COVID antiviral sales decrease

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Reuters UK

(Reuters) – Gilead Sciences Inc on Tuesday said its second-quarter adjusted profit fell 13% due to higher research and royalty costs as well as a downturn in sales of its COVID-19 antiviral drug Veklury. Revenue for the quarter rose 1% to $6.3 billion, which was ahead of the average Wall Street estimate of $5.85 billion, according to Refinitiv data. The biotech company said adjusted quarterly profit fell 13% to $1.58 per share, which also topped the average analyst estimate of $1.52. Quarterly net income fell to 91 cents per share from $1.21 per share. Sales of COVID-19 treatment remdesivir, w…

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