Early Wednesday, Teva Pharmaceutical (TEVA) reported adjusted earnings of 59 cents per share on $3.89 billion in third-quarter revenue. In response, Teva stock slipped.
On average, analysts polled by FactSet expected Teva to earn 65 cents per share on $4.07 billion in sales. But sales of Teva’s biggest single product, the multiple sclerosis drug Copaxone, continued to fall amid generic competition.
In the year-earlier period, Teva earnings were 58 cents per share and the generic drugs maker reported $3.98 billion in sales.
For the year, Teva guided to earnings of $2.50-$2.70 per share and $16 billion to $16.4 billion in sales. Teva stock analysts called for adjusted profit of $2.62 a share and $16.35 billion in sales.
In premarket trading on today’s stock market today, Teva stock fell 1.7% near 9.20. Shares are now well below their 200-day moving average, according to MarketSmith.com. On Tuesday, they dropped down to their 50-day line.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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