Teva Pharm second-quarter profit slightly beats profit forecast

TEL AVIV (Reuters) – Israel-based Teva Pharmaceutical Industries reported a slightly smaller than-expected fall in second-quarter profit on Wednesday, as higher profitability in North America partially offset lower profit margins in Europe.

The world’s largest generic drugmaker earned 55 cents per diluted share excluding one-time items in the April-June period, down from 60 cents a year earlier. Revenue fell 7% to $3.9 billion.

Analysts had forecast Teva would earn 53 cents a share ex-items on revenue of $3.93 billion, according to I/B/E/S data from Refinitiv.

It reaffirmed its 2020 forecast for adjusted EPS of $2.30-$2.55 and revenue of $16.6-$17.0 billion. Analysts are forecasting EPS of $2.50 on revenue of $16.8 billion.

(Reporting by Tova Cohen; Editing by Steven Scheer)