Shares of Teva Pharmaceutical (TEVA) - Get Report are plunging to new 52-week lows, trading down 20% to $11.26 in early Thursday trading.

Its prior 52-week lows stood at $13.26, so this is certainly a big move lower and thrusts Teva stock directly into "no man's land."

The headline numbers didn't impress. Teva missed on fiscal third-quarter earnings per share and revenue estimates. Revenue eked out a slight 0.9% gain year over year. A top and bottom line miss is never good, but Teva didn't do any favors with its full-year guidance. It cut the bottom end of its revenue guidance, now looking for $22.2 billion to $23.2 billion in sales, from prior guide of $22.8 billion to $23.2 billion.

That's not a huge haircut, but the further down the income statement we go, the worse it gets.

Image placeholder title

Non-GAAP earnings expectations were cut to $3.77 to $3.87, from a prior range of $4.30 to $4.50. From the midpoint, that's a 15.8% reduction. Operating cash flow plunged, with management now looking for $3.15 billion to $3.3 billion, vs. prior expectations of $4.4 billion to $4.5 billion, a 27.5% cut.

All in all, it wasn't a good quarter and the stock is paying the price. Teva stock is now down 69% on the year. Celgene's (CELG) - Get Report down big, falling 30% over the last month. Mylan's (MYL) - Get Report had a volatile year, too, as has Allergan (AGN) - Get Report . Teva was involved in a big deal with Allergan last year, when it acquired a number of generic drugs in a deal worth $40.1 billion.

In the deal, Allergan received $33.4 billion in cash and $5.4 billion in Teva stock. Allergan, which hasn't had an easy time with its stock down 13.2% on the year and 28.5% from its summer highs, said it will begin selling its Teva stake shortly. While Allergan will not want to dump all at once (saying it expects to finish the selling in 2018), this will not help Teva stock.

Teva now holds more than $34 billion in total debt, more than double its roughly $14 billion market cap. The company was already forced to slash its dividend by 75% earlier this year, as the payout became unsustainable.

Times are tough for Teva. So far, there hasn't been too much analyst commentary, which is not surprising given the fresh results. One did have a take, though, that being Cowen's Ken Cacciatore. He said investors should continue to avoid Teva stock, as 2018 will be a tough year and more cost cuts are needed. Downside still exists, he reasoned. 

Allergan is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AGN?Learn more now.

Shares of Teva ended the day down 19.9% at $11.23. It hit fresh 52-week lows during the session at $10.85. 

More of What's Trending on TheStreet:

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.