Gilead’s Net Income Drops in Quarter

Gilead Sciences Inc. reported lower fourth-quarter net income as higher sales of its HIV drugs, including the recently launched two-drug combination pill Truvada, failed to outstrip a year-earlier tax gain.

The biotechnology company, based in Foster City, Calif., said net income fell to $110.2 million, or 24 cents a share, from $192.6 million, or 43 cents, a year earlier. Excluding charges, it said it earned 25 cents a share. Revenue rose 40% to $369.6 million.

Gilead shares, which fell 58 cents to $32.59 on Nasdaq, rose to $33.40 in after-hours trading.