TEVA Teva Pharmaceutical Industries Ltd

   By Donato Paolo Mancini 
 

Teva Pharmaceutical Industries Ltd. (TEVA.TV), the world's largest generics manufacturer, on Thursday posted a 19% slump in sales and a net loss for the third quarter, but raised its full-year sales guidance.

Sales were $4.53 billion compared with $5.62 billion in the previous year. Despite the decline, sales beat a FactSet-compiled consensus estimate of $4.43 billion

GAAP net loss attributable to Teva's ordinary shareholders was $273 million, down from a profit of $530 million. Net loss attributable to Teva was $208 million, down from a profit of $595 million. The company attributed the decline in sales to generic competition faced by multiple sclerosis treatment Copaxone and price erosion in its U.S. generics business, among other factors.

Teva's guidance for full-year sales edged up to $18.6 billion-$19.0 billion from $18.5 billion-$19 billion.

North American sales of its former blockbuster Copaxone, which makes up about half of its generics sales in the region, decreased 43% to $463 million, Teva said.

Teva said in September that it had received U.S. Food and Drug Administration approval for its migraine drug Ajovy after a relative delay, which led to a rally in the company's stock. The move was seen as a big win for recently appointed Chief Executive Kare Schultz.

But doubt lingers, Wells Fargo analysts said in a research note last week, as Express Scripts decided not to cover the drug.

Mr. Schultz said Teva's deleveraging was proceeding on schedule, and that the company is on track to achieve a cost reduction of $3 billion by the end of 2019.

Write to Donato Paolo Mancini at donatopaolo.mancini@dowjones.com; @donatopmancini

(END) Dow Jones Newswires

November 01, 2018 08:01 ET (12:01 GMT)

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