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Gilead Slumps After Cutting Earnings Outlook on Litigation Costs

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The company lowered its earnings outlook as a result of litigation costs accrued from settlements made to some plaintiffs in an antitrust lawsuit over its HIV drugs

shares erased a decline as a strong quarterly performance more than offset a lower profit outlook amid litigation costs. The stock rose as much as 1.2%.didn’t engage in an anticompetitive conspiracy

to delay generic versions of the HIV drugs. However, before the case went to trial, the companies reached a last-minute deal with major pharmacy chains and direct purchases. Gilead paid $525 million in settlements, according to a second-quarter earnings release, which shaved 32 cents off of per-share earnings.

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