First quarter shows Teva on track to make 2017 woes history

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.