Teva Pharmaceutical Industries, the world's biggest generic drugmaker, on Thursday reported a $79 million loss for the third quarter after posting $1.1 billion in charges.
Excluding the charges, the company netted $1.28 a share in the third quarter, compared with $1.25 a year earlier.
Revenue rose 14% to nearly $5 billion as strong U.S. growth offset lower European generic sales. That put Teva ahead of analysts' forecasts, which, according to Thomson Reuters I/B/E/S, had forecast the company earning $1.25 a share excluding one-time items on revenue of $5.07 billion.
Teva shares were up 2.2% to $41.31 in late Nasdaq trading. On the Tel Aviv Stock Exchange they rose a more modest 0.1% to a close of NIS 158.
"We remain on track to reach our financial goals for the year," CEO Jeremy Levin said in a call with analysts.
Teva said it now expects revenue of between $20.1 billion and $20.7 billion for the year, and per share earnings, excluding one-off items, of between $5.32 and $5.38. The company had previously forecast revenue of $20 billion to $21 billion and EPS, excluding items, of $5.30-$5.40.
Chief Financial Officer Eyal Desheh said an eagerly anticipated long-term plan to reshape the company would be unveiled on December 11 in New York. Levin has said that some businesses could be divested and more emphasis placed on expanding Teva's branded-drug activities.
"We have identified key assets in our R&D program. We will increase our focus on CNS [central nervous system] and respiratory," Levin said.
Teva owes much of its growth in recent years to several multibillion-dollar acquisitions, including last year's $6.5 billion purchase of U.S. drugmaker Cephalon.
But in the last quarter Teva recorded a $481 million impairment mostly related to research and development acquired from Cephalon. It also took a $670 million provision for a possible loss relating to pending patent litigation. The combined $1.1 billion in charges left Teva with a loss on a per share basis of nine cents.
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