NEW YORK (TheStreet) -- Shares of Teva Pharmaceuticals  (TEVA - Get Report) are up 7.03% to $56.15 at the start of trading on Wednesday after hiking its second-quarter forecast and noting that its proposed deal with Allergan (AGN) is on track.

The Israeli pharmaceutical company now expects to report adjusted earnings between $1.19 and $1.22 per share, up from its previous forecast for between $1.16 and $1.20 per share.

Teva now anticipates second-quarter revenues between $4.9 billion and $5 billion vs. past estimates between $4.8 billion and $4.9 billion.

Analysts surveyed by Thomson Reuters are looking for earnings of $1.46 per share on revenue of $5.99 billion for the period.

Additionally, Teva expects its $40.5 billion purchase of Allergan's generics business to close any day, CEO Erez Vigodman said on a conference call, Bloomberg reports.

FTC approval is the final step in the acquisition process, and the company expects the transaction will be approved anytime now.

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

Teva's strengths such as its increase in net income, attractive valuation levels, expanding profit margins, growth in earnings per share and largely solid financial position with reasonable debt levels by most measures outweigh the fact that the company has had somewhat disappointing return on equity.

You can view the full analysis from the report here: TEVA

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.