Teva tumbles as sales and earnings underwhelm

3 November 2022

Israeli generics company Teva Pharmaceutical Industries (NYSE: TEVA) was trading more than 2% lower late on Thursday, following the firm’s presentation of its third quarter 2022 financial results.

Sales shrank by 8% compared to the same period in 2021. They totalled $3.59 billion for the quarter, missing analysts’ expectations of around $3.83 billion.

The decline was blamed on reduced revenues from generics in North America and from Teva’s multiple sclerosis drug Copaxone (glatiramer acetate), though these damaging factors were partially offset by higher sales of tardive dyskinesia and Huntington's disease treatment Austedo (deutetrabenazine) in North American and of generics in Europe.

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