Teva Pharm Q1 profit down, cuts 2022 revenue outlook By Reuters

© Reuters. FILE PHOTO: The logo of Teva Pharmaceutical Industries is seen in Tel Aviv, Israel February 19, 2019. REUTERS/Amir Cohen

JERUSALEM (Reuters) – Israel-based Teva Pharmaceutical Industries (NYSE:) reported as expected first-quarter profit and trimmed 2022 revenue estimates due to currency fluctuations.

The world’s largest generic drugmaker said on Tuesday it earned 55 cents per diluted share excluding one-time items in the January-March period, down from 63 cents a share a year earlier. Revenue fell 8% to $3.66 billion.

Analysts had forecast Teva would earn 55 cents a share ex-items on revenue of $3.76 billion, according to I/B/E/S data from Refinitiv.

Teva lowered its 2022 revenue estimate to $15.4-$16.0 billion from $15.6-$16.2 billion, after revenue of $15.9 billion in 2021. It previously projected 2022 adjusted EPS of $2.40-$2.60, versus $2.58 last year.

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