Gilead Sciences, Inc. (GILD) has reported a 24.23 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $2,702 million, or $2.05 a share in the quarter, compared with $3,566 million, or $2.53 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2,949 million, or $2.23 a share compared with $4,274 million or $3.03 a share, a year ago.
Revenue during the quarter dropped 16.54 percent to $6,505 million from $7,794 million in the previous year period. Gross margin for the quarter expanded 59 basis points over the previous year period to 85.29 percent. Total expenses were 42.09 percent of quarterly revenues, up from 40.33 percent for the same period last year. That has resulted in a contraction of 176 basis points in operating margin to 57.91 percent.
Operating income for the quarter was $3,767 million, compared with $4,651 million in the previous year period.
For fiscal year 2017, Gilead Sciences forecasts revenue to be in the range of $22,500 million to $24,500 million. The company expects diluted earnings per share to be in the range of $0.84 to $0.91.
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