Generics giant Teva sees drug sales erosion on loss of exclusivity
Israel-based generics giant Teva Pharmaceutical Industries (NYSE: TEVA) posted first-quarter 2016 financials, indicating that it is itself facing competition for its branded copy medicines.
However, the results beat analysts’ expectations and the firm’s share rose 3% to $51.76 in pre-market trading.
On an adjusted basis, Teva's net earnings fell 5.1% to $1.11 billion, while earnings per share fell 11.8% to $1.20. That was $0.03 a share higher than the Wall Street analysts' expectations.
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