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Gilead Misses Profit Estimates on ACA Fee, Sovaldi Sales

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Gilead Sciences Inc.’s third-quarter earnings missed analysts’ estimates after the company paid a fee required by Obamacare and reported lower-than-projected revenue for its top-selling hepatitis C drug, Sovaldi.

Net income for the third quarter more than tripled to $2.73 billion, or $1.67 a share, from $789 million, or 47 cents, a year earlier, the Foster City, California-based company said yesterday in a statement. Excluding one-time items, earnings were $1.84 a share, missing by 9 cents the average of 25 analysts’ estimates compiled by Bloomberg.