Teva Raises Outlook After 1Q Results

   By Donato Paolo Mancini

Israeli company Teva Pharmaceutical Industries Ltd. (TEVA.TV) Thursday raised its adjusted guidance for the year after its profit increased in the first quarter.

First-quarter profit was $1.1 billion, compared to $580 million in the previous year. Revenues declined 15% in local currency terms to $5.07 billion, adversely affected by the U.S. generics market, which hit its multiple-sclerosis drug Copaxone hardest. The company also attributed the decline to divested products and discontinued activities.

The company raised its yearly adjusted revenue outlook to $18.5 billion-$19 billion, up from $18.3 billion-$18.8 billion. It also raised its target for its adjusted operating income to $4.2 billion-$4.5 billion from $4 billion-$4.3 billion. Its adjusted earnings per share outlook was raised to $2.40-$2.65 from $2.25-$2.50.

As announced in November 2017, Teva started reporting under new segments. Sales for North America, including Canada, declined to $2.53 billion from $3.24 billion due to generic competition, the company said, but they were partially offset by the dyskinesia drug Austedo and cancer drug Bendeka.

Revenues in the U.S., Teva's largest market, decreased by 23% to $2.4 billion.

Write to Donato Paolo Mancini at donatopaolo.mancini@dowjones.com

(END) Dow Jones Newswires

May 03, 2018 08:06 ET (12:06 GMT)

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