Teva Raises Forecast as Quarterly Profit Beats Estimates
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Teva Pharmaceutical Industries Ltd. raised the lower end of its full-year profit forecast range as third-quarter earnings beat analyst estimates, helped by patients switching to a new version of the Copaxone multiple sclerosis drug.
Profit excluding some costs will be $5 to $5.10 a share this year, up from a previous forecast of $4.90 to $5.10, the Petach Tikva, Israel-based company said in a statement today. Teva also increased its share buyback by $1.7 billion, to $3 billion, and said it plans to begin buying stock promptly.