Teva posts lower sales in preliminary Q2 results, raises annual earnings forecast

In preliminary second-quarter results reported Monday, Teva said revenue was down 2 percent from the year-ago period to about $5 billion, slightly outpacing analyst expectations. However, the company raised its earnings per share outlook for the year to between $5.15 and $5.40, from a prior forecast of $5.05 per share to $5.35 per share, while analysts anticipate $5.23 per share. The company is scheduled to release its full quarterly results on July 30.

Teva noted that excluding the impact of currency effects, quarterly revenue rose by 6 percent over the prior-year period. CEO Erez Vigodman remarked that "our preliminary results for the second quarter further demonstrate Teva's continuous momentum and significantly strengthened fundamentals, improved generics and specialty businesses and ability to drive organic growth."

Also on Monday, Teva announced plans to acquire Allergan's global generic pharmaceuticals business in a cash-and-stock deal worth about $40.5 billion, and withdrew its takeover bid for Mylan.

"We are confident that our key franchises, along with our transformational acquisition of Allergan Generics, will enable Teva to reinforce our already strong position and continue to generate stockholder value," Vigodman said.

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