Gilead Sciences (GILD) has reported 27.61 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $3,330 million, or $2.49 a share in the quarter, compared with $4,600 million, or $3.06 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $3,677 million, or $2.75 a share compared with $4,836 million or $3.22 a share, a year ago. Revenue during the quarter dropped 9.58 percent to $7,500 million from $8,295 million in the previous year period. Total expenses were 41.35 percent of quarterly revenues, up from 32.67 percent for the same period last year. That has resulted in a contraction of 868 basis points in operating margin to 58.65 percent.
Operating income for the quarter was $4,399 million, compared with $5,585 million in the previous year period.
Working capital increases sharplyGilead Sciences has recorded an increase in the working capital over the last year. It stood at $27,513 million as at Sep. 30, 2016, up 66.24 percent or $10,963 million from $16,550 million on Sep. 30, 2015. Current ratio was at 3.48 as on Sep. 30, 2016, up from 2.77 on Sep. 30, 2015. Days sales outstanding were almost stable at 64 days for the quarter, when compared with the last year period.
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