Teva Pharmaceutical Profit Beats Forecast, Raises 2015 Earnings Estimate

While Teva, the world's largest generics drug producer, was forecast to earn $1.28 billion per share, it earned $1.35.

teva
Bloomberg

REUTERS - Teva Pharmaceutical Industries, the world's largest generics drug producer, reported third-quarter profit that beat estimates and raised its full-year 2015 outlook.

Teva, which is in the process of buying Allergan's generic business for $40.5 billion and Mexico's Rimsa for $2.3 billion, said on Thursday it earned $1.35 per share excluding one-time items in July-September, up from $1.33 a year earlier.

Revenue slipped 5 percent to $4.8 billion, although excluding foreign exchange fluctuations, revenue grew 3 percent.

Teva was forecast to earn $1.28 excluding one-off items on revenue of $4.76 billion, according to Thomson Reuters I/B/E/S.

Global sales of its best-selling multiple sclerosis drug Copaxone fell 2 percent to $1.09 billion. The drug accounts for about 20 percent of its revenue and 50 percent of profit and is now facing competition.

Sandoz, part of Swiss drugmaker Novartis AG, and Momenta Pharmaceuticals in June launched a once daily 20 mg version called Glatopa.

To stem the tide of generic competition, Teva has been moving patients to a three times a week 40 mg version of Copaxone, which the company said accounted for 76 percent of total Copaxone prescriptions in the United States.

Teva raised its full year-2015 earnings estimate to $5.40 to $5.45 from $5.15 to $5.40 and revenue to $19.4-$19.6 billion from $19.0-$19.4 billion.

It said it would pay a quarterly dividend of 34 cents a share.