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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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Europe markets expected to open lower as investors digest earnings and U.S. rating downgradeEuropean markets are expected to open lower Wednesday as investors continue to digest earnings and the U.S. rating downgrade.
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