Shares of Israeli generic drugmaker Teva Pharmaceutical Industries Ltd. (TEVA) - Get Report dropped more than 10% in early trading Wednesday after the company missed fourth-quarter earnings estimates and said future earnings also will be lower than analysts' forecasts.
Teva stock was down 10.64%, or $2.04, to $17.08 in early trading on the New York Stock Exchange after ending the day Tuesday up 1.9% at $19.12.
The Jerusalem-based company posted a fourth-quarter net loss of $2.94 billion, or $2.85 a share, vs. a loss of $11.6 billion, or $11.41 a share, in the comparable year-earlier quarter. Excluding impairment charges and restructuring costs, Teva earned 53 cents a share, below the 55 cents a share expected by FactSet analysts.
Revenue fell to $4.56 billion from $5.4 billion, also below the FactSet consensus of $4.576 billion.
"2018 was the first year of our restructuring plan, and we have met or exceeded all of our key financial targets for the year," Teva CEO Kare Schultz said in a statement. "Looking ahead, we continue to expect that 2019 will be the trough for our business," he said.
The company said it is now expecting full-year adjusted per-share earnings of $2.20-$2.50 on revenue of $17 billion to $17.4 billion, below current FactSet consensus estimates of $2.84 per-share earnings and $18.06 billion in revenue.