Teva Raises Revenue Estimates in Second Quarter

The pharmaceutical giant's announcement sent shares up 2 percent in after-hours trading.

Teva's headquarters in Jerusalem.
Bloomberg

Teva Pharmaceutical Industries Ltd, the world's biggest generic drugmaker, raised its adjusted profit and revenue estimates for the second quarter, sending its shares up 2 percent in after-hours trading.

The company expects adjusted earning of $1.19–$1.22 per share for the quarter ended June 30, compared with its previous forecast of $1.16–$1.20.

Revenue is now expected to be in the range of $4.9–$5.0 billion, up from $4.8–44.9 billion it had estimated previously.

Analysts on average had expected adjusted profit of $1.46 per share and revenue of $5.99 billion for the quarter, according to Thomson Reuters I/B/E/S.

The company said it will host a conference call on July 13 to report its preliminary non-GAAP financial results for the second quarter and will discuss its pending acquisition of Allergan's generics business that is awaiting FTC clearance.

Teva's U.S.-listed shares closed up 3 percent at $52.46 on Tuesday on the New York Stock Exchange.