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.
Amerisource Bergen Corp (ABC) stock slid over 10% to $81.48 after the company joined Teva in reporting lackluster revenue last quarter brought down by generic drug price deflation.
Momenta Pharmaceuticals Inc. (MNTA) was up 0.31% to $16.05.
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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