Teva said weak U.S. markets and the ongoing political turmoil in Venezuela weighed on the company's second quarter performance. Forecasted per-share earnings for the year were lowered to between $4.30 and $4.50 from between $4.90 and $5.30.
Stock of Teva's industry peers were in the green on the news of the Israeli company's poor performance.
- Drug Price Inflation and a Patent Cliff Could Trigger a Wave of Deals in Generic Drugs Space
Others with exposure to the generics industry were also down. Impax Laboratories Inc. (IPXL) , was down 5.7% or $1.02 per share and Lannett Co. (LCI) - Get Report was lower by 6.1% or $1.15 per share to $17.60.
Takeover candidates Impax Laboratories, Lannett and Momenta have all been identified as potential take-out targets by TheStreet as the industry continues to feel pressure, especially in the face of a changing political landscape for healthcare and drug regulation.
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