I understand the (fairly common, in these comments) viewpoint that this is the fault of the "third-party program", but since the PDF is readable up until Preview touches it...I find it hard to come around to the viewpoint the third-party program is relevant. Readable bytes -> Preview -> unreadable bytes is my mental model so far.
Edit: absolutely unacceptable this is downvoted to -4. I've observed for a couple months that participation in Apple-related threads, outside indignation that Apple was involved in the discussion at all, gets down to -5 before getting back to -1 a day or two later. No matter what tone is used, this happens, and it makes the problem even worse in the long run. Been here 10 years, always been a _slight_ problem, but over the last year, it's virtually impossible to participate without continuing to slowly destroy my 11 year old account. Not sure how much longer I can keep trying.