Teva's 2nd-qtr sales and earnings miss analysts' estimates

Israel’s Teva Pharmaceutical Industries (NYSE: TEVA), the world’s biggest generics drugmaker, reported disappointing second-quarter 2014 results today, leading to a 1.8% dip in its share price to $53.87 by mid-afternoon trading.

Group revenues for the quarter were $5.0 billion, up 2% on the like 2013 period, but were a little below average analyst estimates of $5.09 billion. Non-generally accepted accounting principles (GAAP) net income rose 4% to $1.05 billion, or $1.23 a share, up 3%. Analysts predicted earnings per share of $1.22, the average of 24 estimates compiled Bloomberg.

EPS guidance for 2014 improved to $4.90-5.10 in the exclusive Copaxone (glatiramer acetate) scenario, and to $4.50-4.80 in the generic Copaxone scenario. Multiple sclerosis drug Copaxone faces competition from newer oral drugs, and cheaper generics may reach the market as early as this year.