(Corrects paragraph 4 to say analysts' EPS expectations were
$5.41, not $5.82 and revenue estimate was $24.82 billion, not
Jan 6 Teva Pharmaceutical Industries Ltd
, the world's biggest generic drug maker, forecast 2017
revenue and profit missing analysts' estimates.
Teva shares were down 3.3 percent at $36.70 in premarket
trading on Friday.
The Israel-based company said it expects earnings per share
of $4.90-$5.30 on revenue of $23.8 billion-$24.5 billion.
Analysts on average were expecting a profit of $5.41 per
share on revenue of $24.82 billion, according to Thomson Reuters
Launch delays for some drugs led Teva in November to trim
forecasts for earnings and revenue for 2016.
"2016 was a transition year for Teva. The entire healthcare
sector has faced significant headwinds, and we have not been
immune," Chief Executive Erez Vigodman said in a statement on
Teva also said the 40 milligram dose of its
flagship multiple sclerosis drug, Copaxone, is not expected to
face generic competition in the United States in 2017.
However, the entry of two generic competitors in the U.S. in
February could reduce revenues by $1 billion-$1.2 billion, and
hurt adjusted profit by 65 cents-80 cents.
(Reporting by Divya Grover in Bengaluru; Editing by Saumyadeb
Chakrabarty and Shounak Dasgupta)