Israel- based Teva Pharmaceutical Industries Ltd (ADR)(NYSE:TEVA) announced its quarterly results, as it posted revenue surge in its latest period, but sales dropped through much of its specialty-drug trade.
Along with the acquisitions, Teva Pharmaceutical Industries Ltd (NYSE:TEVA) said that it had kept on the side $520 million as it was in advanced talks with the U.S. Department of Justice and the U.S. Securities and Exchange Commission to decide potential destructions of foreign corruption laws. The potential payment relates to conduct in Russia, Mexico and Ukraine from 2007 to 2013. Meanwhile Teva said in a statement that the manner doesn’t involve its U.S. business. Teva said in answer to the enquiry that it had finished “problematic” business transactions, withdrawn from some countries, gotten rid of related employees and reshaped the management of several subsidiaries.
Furthermore Teva also dropped its revenue outlook for the year also raising its adjusted earnings-per-share outlooks. It now predicts annual revenue of between $21.6 billion and $21.9 billion, down from between $22 billion and $22.5 billion in the past. It also predicts adjusted earnings per share between $5.10 and $5.20, less than $5.20 to $5.40 in the past.
During the three month period, the Israeli pharmaceutical giant famous for its generic-drugs business reported its $40.5 billion transaction for Allergan’s generics business.
In the quarter, Revenue in its generic medicine segment surged 32% to $2.9 billion, mainly after the Allergan deal. In its specialty segment, revenue dropped 6% to $2.05 billion due to lower sales of its multiple sclerosis drug copaxone and sleepiness treatment nuvigil.
Moreover Research-and-development costs surged 84% to $663 million, with the rise largely being credited to $250 million paid to Regeneron Pharmaceuticals Inc. connected to development of pain medication product fasinumab.
For the last three month period, Teva Pharmaceutical Industries Ltd (NYSE:TEVA) posted a profit of $412 million, or 35 cents a share, up from $103 million, or 12 cents a share, year over year. Without certain items, per-share earnings were $1.31, down from $1.35 a share year over year. Revenue in the meantime surged 15% to $5.56 billion.