Teva takes a heavy hit after lowering 2017 guidance

Israeli generics giant Teva Pharmaceutical Industries (NYSE: TEVA) felt the force of a Friday battering in the stock market after reducing its revenue forecast for 2017 by more than $1 billion.

The company’s share price was more than 7% down at $35.15 by late morning as markets reacted to its latest outlook for non-generally accepted accounting principles (GAAP) financial performance for the year ahead.

Teva now expects net revenues for 2017 of between $23.8 billion to $24.5 billion, a 5.5% reduction on the previously-predicted range of $25.2 billion to $26.2 billion.