Teva Pharmaceutical Industries Ltd (TEVA) - Get Free Report posted stronger-than-expected second quarter earnings Wednesday, and reiterated its full-year profit guidance, as new generic drug launches in north America boosted revenue growth.
Shares in the generic drugs maker, however, slumped more than 9% at the start of trading to a 20-year low after announcing that its CFO, Michael McClennan, will step down at the end of the current quarter.
Teva said adjusted non-GAAP earnings for the three months ending in June came in at 60 cents per share, down 20% from the same period last year but 2 cents ahead of the Street consensus forecast. Group revenues, Teva said, fell 8.5% to $4.3 billion but again topped analysts' estimates of $4.25 billion.
"During the second quarter, portfolio optimization and new launches stabilized our North American generics business, Copaxone performed above expectations and Austedo achieved a very strong growth rate," said CEO Kare Schultz. "We continue to focus our efforts on growth for Ajovy in the US and are excited by the early momentum of the product's recent launches in the EU."
"We are on track to achieve the targets of our two year restructuring plan and based on our good results for the first half of the year we are reaffirming our full year guidance.," he added.
Teva NYSE-listed shares were marked 3% lower following the earnings release to change hands at $6.84 each, a move that extends the stock's year-to-date decline to around 55%.