Teva Says 2018 Profit Will Keep Falling as Generic Drug Slump Persists
- Company notes further deterioration in U.S. generics market
- ADRs fall in New York as profit, sales outlooks disappoint
An employee arranges medicine bottles during the manufacture of pharmaceuticals inside Teva Pharmaceutical Industries Ltd.'s new factory in Godollo, Hungary.
Photographer: Akos StillerThis article is for subscribers only.
Less than two months into the year, Teva Pharmaceutical Industries Ltd.’s new chief has already effectively written off a recovery for 2018.
Teva’s American depositary receipts fell as much as 13 percent in New York after the company said profit and sales will slump further this year. Chief Executive Officer Kare Schultz is tightening belts drastically at the world’s largest generic drugmaker as competition to its top medicine escalates.