In his first full quarterly results statement since taking the helm at Israel’s Teva Pharmaceutical Industries (NYSE: TEVA), Danish chief executive Kåre Schultz heralded “a solid start,” to the firm’s deep restructuring program, noting the company is “on track to meet our cost reduction targets of $1.5 billion in 2018 and $3 billion by the end of 2019.”
Investors reacted warmly to the results, which show the firm took in sales of $5.1 billion, down 10% from 2017, but well ahead of the Financial Times’ consensus view of $4.8 billion.
Following Generally Accepted Accounting Principles (GAAP), profit was $2.3 billion, down 17% from the same period last year. The earnings per share figure was $1.03.
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