Teva up on better-than-expected financials

Israeli generics giant Teva Pharmaceutical Industries (NYSE: TEVA) posted fourth-quarter and full-year 2016 results that beat expectations, sending the firm’s shares up 4.5% to $33.65 in pre-market trading this morning.

Sales for the fourth quarter increased 33 to $6.5 billion, compared with analysts’ forecast of $6.24 billion, primarily due to the inclusion of $630 million from the Actavis Generics acquisition. Global sales of its best-selling branded multiple sclerosis drug Copaxone (glatiramer acetate) rose 6% in the quarter to $1.0 billion.

Earnings per share were $1.38 excluding one-time items in the quarter, up from $1.28, beating the expectations of $1.35 on revenue of $6.24 billion, according to Thomson Reuters. Generally accepted accounting principles (GAAP) gross product was $3.4 billion in the fourth quarter of 2016, up 19% compared to the fourth quarter of 2015.