Teva Pharmaceutical Industries Down 5.6% After Missing Estimates (TEVA)

Shares of Petach Tikva, Israel-based Teva Pharmaceutical Industries TEVA are trading down 5.6% at $51.89 per share during the Tuesday afternoon trading session. The day's trading range for shares of Teva Pharmaceutical Industries has been between $51.18 and $52.40 per share. Analysts covering the company's stock give it a consensus price target of $66.69 per share. Volume of 33.8 million shares is already nearly 4 times the daily average volume of 6.8 million shares. Teva Pharmaceutical Industries (TEVA) announced on Tuesday morning that despite rising revenue it missed consensus Wall Street expectations. Teva Pharmaceutical Industries announced 4th quarter adjusted earnings of $1.25 per share, on revenue of $4.41 billion. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.28 per share, on revenue of $4.64 billion. President and Chief Executive Officer Shlomo Yanai said, “2010 was a great year for Teva, a year in which we delivered record-breaking results across all our geographies while strengthening and expanding our global leadership. During 2010 Teva became the generics leader in Europe and increased our presence in key emerging markets. This was also an exciting year for our branded business, where we made excellent progress in developing a robust and promising pipeline of branded products.” Teva Pharmaceutical Industries is a leading global pharmaceutical company, committed to increasing access to high-quality healthcare by developing, producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients. Read more from Benzinga's Company news.