Teva First-Quarter Profit Slides on Provigil, Generics
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Teva Pharmaceutical Industries Ltd.’s first-quarter profit fell 26 percent as a branded drug lost patent protection and opportunities diminished to introduce new generic medicines.
Earnings excluding some costs declined to $960 million, or $1.12 a share, from $1.3 billion, or $1.47, a year earlier, the Petach Tikva, Israel-based company said in a statement today. Profit beat the average estimate of $1.11 a share from 20 analysts surveyed by Bloomberg.