Teva Pharmaceutical Industries nudged up its full-year earnings guidance on Thur...
) nudged up its full-year earnings guidance on Thursday, after reporting a drop in third-quarter profit that broadly met expectations.
The world’s largest generic drugmaker earned 58 cents per diluted share excluding one-time items in the July-September period, down from 68 cents a year earlier. Revenue fell 6% to $4.26 billion due to generic competition for its multiple sclerosis drug Copaxone and declines in sales in the United States, Russia and Japan, although it posted gains in some of its newly launched drugs.
Revenue in North America dipped 9% to $2.05 billion, with North American sales of Copaxone down 41% to $271 million. Its new migraine drug Ajovy had revenue of $25 million, while sales of Huntington’s treatment Austedo rose to $105 million from $62 million.Chief Executive Kare Schultz said Teva remained on track to achieve a two-year restructuring target of $3 billion in spending reductions.
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