Teva Pharmaceuticals Industries Ltd. said profit declined in its
latest quarter as the generic drug maker paid more in expenses
related to legal settlements and restructuring, though profit still
beat Wall Street expectations.
The company also said it was raising its full-year guidance for
per-share earnings to a range of $5.15 to $5.40 from its previous
range of $5.05 to $5.35.
Teva recently said it would buy the generics business of
Allergan PLC for about $40 billion, a move that followed a
several-way tug of war among drug makers. The deal is expected to
close in the first quarter of 2016. That deal pushed Teva to drop
its previous pursuit of Mylan NV, which in turn has said it plans
to acquire Perrigo Co.
Overall, Teva reported earnings of $539 million, or 63 cents a
share, down from $748 million, or 87 cents a share. On an adjusted
basis, per-share earnings were $1.43, up from $1.25.
Revenue fell to $4.97 billion from $5.05 billion.
Analysts polled by Thomson Reuters had expected revenue of $4.91
billion and per-share earnings of $1.31.
The company booked expenses related to legal settlements and
loss contingencies of $384 million, compared with $26 million in
the year-earlier period, while costs related to impairments,
restructuring and other items jumped to $285 million from $143
million.
Shares edged down 0.9% in premarket trading.
Write to Nathan Becker at nathan.becker@wsj.com
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