Teva Raises Outlook After 1Q Results
May 03 2018 - 8:21AM
Dow Jones News
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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