Teva Pharmaceutical Industries Posts Mixed Results (TEVA)

Teva Pharmaceutical Industries TEVA released financial results that beat Wall Street earnings estimates, while missing revenue expectations. Teva Pharmaceutical Industries announced that its 3rd quarter net income rose to $1.05 billion, or $1.15 per share, up from $649 million, or 72 cents per share, a year earlier. Excluding special items, the company reported earnings of $1.30 per share. Revenue climbed to $4.25 billion, up from $3.55 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.27 per share, on revenue of $4.37 billion. President and chief executive officer Shlomo Yanai said, “This was another outstanding quarter of profitable growth for Teva, with record-breaking sales across all our geographies and major businesses, leading to record-breaking results across the board. This was also a quarter of major strategic achievements and operational successes, particularly in the U.S. with high growth rates in our generics business, and in Europe, where we closed our acquisition of ratiopharm and are already making excellent progress on the integration--which we now expect to complete ahead of schedule.” Teva Pharmaceutical Industries (TEVA) finished the previous trading day at $51.24 per share. The consensus price target of analysts covering the company's stock is $67.71 per share. Read more from Benzinga's Company news.