February 13, 2017 / 12:05 PM / a year ago

Teva Pharm Q4 profit, revenue beat expectations

TEL AVIV, Feb 13 (Reuters) - Teva Pharmaceutical Industries reported better-than- expected fourth-quarter profit as sales were boosted by its $40.5 billion acquisition of Allergan’s Actavis generic drug business on Aug. 2.

Israel-based Teva said on Monday it earned $1.38 per share excluding one-time items in the quarter, up from $1.28.

Revenue grew 33 percent to $6.5 billion, primarily due to the inclusion of $630 million from the Actavis acquisition.

Teva was forecast to earn $1.35 excluding one-off items on revenue of $6.24 billion, according to Thomson Reuters I/B/E/S.

Teva was left without a permanent chief executive last week after Erez Vigodman stepped down, leaving new management to restore confidence in the world’s biggest generic drugmaker after a series of missteps.

Global sales of its best-selling multiple sclerosis drug Copaxone rose 6 percent in the quarter to $1.0 billion.

Teva reaffirmed its 2017 forecast of earnings per share of $4.90-$5.30 on revenue of $23.8 billion-$24.5 billion.

It will pay a quarterly dividend of 34 cents per ordinary share and $17.50 per mandatory convertible preferred share. (Reporting by Tova Cohen; Editing by Steven Scheer)

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