Teva Raises Revenue Estimates in Second Quarter

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

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Teva's headquarters in Jerusalem.
Teva's headquarters in Jerusalem.Credit: 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.