Teva Pharmaceutical Industries raised its sales outlook after its brand-name products logged higher revenue growth in the second quarter.
The drug maker swung to a second-quarter loss of $576 million, or 49 cents a share, from a profit of $282 million, or 24 cents a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were 2 cents, behind the 5 cents anticipated by analysts, according to FactSet. Adjusted earnings includes a 61-cent reduction from the acquisition of Emalex, which closed in June.
Second-quarter revenue fell about 1% to $4.14 billion. Analysts surveyed by FactSet forecast revenue of $3.97 billion.
Sales from generic drugs fell 15%, mainly due to lower revenues from lenalidomide capsules in the U.S. The capsules are a generic version of Revlimid, an oral drug for treating blood cancers, which faced increased generic competition in the U.S. during the quarter, Teva said.
Teva, which has historically focused on generic drugs, is also trying to grow its brand-name business. Its three brand-name products collectively grew 43% to $1 billion in revenue.
Teva raised its annual sales outlook to a range of $16.5 billion to $16.85 billion, up from $16.4 billion to $16.8 billion. It maintained guidance for adjusted earnings.
Shares rose 4% to $32.91 in premarket trading.
Comments