Teva Pharmaceuticals Industries Ltd. reported a decline in revenue as drug sales fell across its generic and specialty segments.

The company also released projections for the current quarter, saying it expects adjusted earnings in the range of $1.16 to $1.20 and revenue of $4.7 billion to $4.9 billion. When the impacts of a December equity offering are removed, earnings will be between $1.32 and $1.36 a share. Analysts had predicted earnings of $1.20 on revenue of $4.88 billion.

The Israeli pharmaceutical company known for its generic drugs business said in July it would buy the generics operations of Allergan PLC for about $40 billion, a move that followed a several-way tug of war among drugmakers. The deal is expected to close in the current quarter. That deal pushed Teva to drop its previous pursuit of Mylan NV.

Revenue in its generic medicine segment fell 8.6% to $2.26 billion on declining sales of cholesterol controlling medicine Lovaza, Crohn's disease treatment Pulmicort and cancer drug Xeloda.

In its specialty segment, revenue fell 5.8% to $2.11 billion on lower sales of multiple sclerosis drug Copaxone and Parkinson's treatment Azilect. The declines were partially offset by increased sales of its respiratory products.

Teva reported a profit of $485 million, or 55 cents a share, down from $687 million, or 80 cents a share. Excluding certain items, per-share earnings were $1.28. Teva also noted that, factoring out equity it offered in December, earnings were $1.32.

Revenue fell 5.6% to $4.88 billion. Excluding the impact of foreign exchange rates, revenue fell 1%.

Analysts polled by Thomson Reuters had expected earnings of $1.29 a share on $4.84 billion in revenue.

Teva has been working to develop and get approval for biosimilar drugs, which are the genetic equivalent of drugs created by living cells. These drugs, known as biologicals, are more complex and harder to make than normal drugs. The U.S. Food and Drug Administration approved the first biosimilar last March.

The development of complex products for the U.S. lead research and development costs up 14% to $395 million for the quarter. They were 8.1% of quarterly revenues, compared with 6.7% a year ago.

Write to Austen Hufford at austen.hufford@wsj.com

 

(END) Dow Jones Newswires

February 11, 2016 08:35 ET (13:35 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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