TEVA 22.57+2.59 (+12.96%) 1:26PM EDT
Israel's Teva gives upbeat outlook as restructuring proceeds
finance.yahoo.com
JERUSALEM (AP) -- Israeli drug maker Teva Pharmaceutical Industries on Thursday reported a third-quarter loss as it proceeds with an aggressive cost-cutting program and adjusts to declines in key product categories.
But the company gave an upbeat outlook, citing stabilization in its core generics business, the launch of new products and progress with its restructuring program. Teva shares surged on the news.
Teva posted a loss of $273 million, or 27 cents a share, compared with earnings of $530 million, or 52 cents a share, the previous year. Revenue fell 19 percent from $5.617 billion to $4.529 billion.
Nonetheless, Chief Executive Kare Schultz said in a statement he is "very satisfied with our progress and we are meeting all our key targets."
Teva, the world's No. 1 generic drugmaker, has been hit hard by price pressure and competition in its core generic business, the loss of patent protection on its blockbuster multiple sclerosis drug Copaxone and a more than $30 billion debt load stemming from its acquisition of the generics business of Allergan. The struggling company announced plans last December to cut 14,000 jobs, over one quarter of its global work force.
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