Teva beats first quarter profit and revenue estimates
The drugmaker reported adjusted earnings of 53 cents per share as sales of its Austedo treatment rose 41 percent. Teva also agreed to buy Emalex Biosciences.
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TEVA PHARMACEUTICAL-SP ADR shares rose 11% Wednesday morning after reporting adjusted EPS of 53 cents, beating estimates by 5 cents. The Israel based drugmaker generated $3.98 billion in revenue, outperforming the $3.8 billion forecast. Teva is successfully pivoting from low-margin generics to a high-growth branded portfolio to drive long-term profitability.
