May 11, 2017 / 11:17 AM / 4 months ago

Teva Pharm Q1 profit tops estimates, revenue rises

TEL AVIV, May 11 (Reuters) - Teva Pharmaceutical Industries reported better-than- expected first-quarter profit as sales were boosted by its $40.5 billion acquisition of Allergan’s Actavis generic drug business in August.

Israel-based Teva said on Thursday it earned $1.06 per share excluding one-time items in the quarter, down from $1.20. Revenue grew 17 percent to $5.6 billion.

Teva was forecast to earn $1.03 excluding one-off items on revenue of $5.68 billion, according to Thomson Reuters I/B/E/S.

Teva was left without a permanent chief executive in February after Erez Vigodman stepped down, leaving new management to restore confidence in the world’s biggest generic drugmaker after a series of missteps. Its chief financial officer has also said he will step down in the next few months.

Global sales of Teva’s best-selling multiple sclerosis drug Copaxone fell 4 percent in the quarter to $970 million.

Teva reaffirmed its 2017 forecast of earnings per share of $4.90-$5.30 on revenue of $23.8 billion-$24.5 billion. The company said it expects net synergies and cost reductions related to Actavis of $1.5 billion by the end of 2017, an increase of $200 million compared to its previous outlook.

It will pay an unchanged quarterly dividend of 34 cents per ordinary share and $17.50 per mandatory convertible preferred share. (Reporting by Tova Cohen; Editing by Steven scheer)

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