NEW YORK (TheStreet) -- Teva Pharmaceutical Industries (TEVA) raised its profit forecast and reported second quarter earnings that beat analyst estimates as its generic division cut costs and a new version of the bestselling Copaxone drug gained traction, Bloomberg reports.
Profit excluding some costs was up 4% to $1.05 billion, or $1.23 a share, from $1.02 billion, or $1.20 a share, a year ago, the company said.
Analysts predicted $1.22, the average of 24 estimates compiled by Bloomberg.
Sales gained 2% to $5 billion, below the average analyst estimate of $5.09 billion.
Shares of Teva Pharmaceutical are down -2.77 to $53.36.
TheStreet Ratings team rates TEVA PHARMACEUTICALS as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate TEVA PHARMACEUTICALS (TEVA) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."