Teva Pharma 2nd-qtr sales and profits slump

2 August 2018

Israel-based generics giant Teva Pharmaceutical Industries (NYSE: TEVA) reported second quarter of 2018 with sales of $4.7 billion, a decrease of 18%, or 19% in local currency terms, compared to the second quarter of 2017, mainly due to continued price erosion in its US generics business.

The reported sales missed analysts’ average estimate of $4.73 billion, leading to a 9.17% drop to 8,035 shekels in Tel Aviv trading.

Teva said there was also generic competition to its leading multiple sclerosis drug Copaxone (glatiramer acetate) and loss of revenues following the divestment of certain products and discontinuation of certain activities.

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