November 2, 2017 / 11:30 AM / a year ago

Teva falls short on Q3 profit, slashes 2017 estimates again

JERUSALEM, Nov 2 (Reuters) - Debt-ridden Israeli drugmaker Teva Pharmaceutical Industries reported lower than expected profit in the third quarter and sharply lowered its 2017 estimates, as the company continues to be hurt by weak U.S. generic medicine sales.

Teva, the world's largest generics drugmaker, said on Thursday it earned $1.00 per share excluding one-time items in the July-September period, versus $1.31 a year earlier. Revenue rose 1 percent to $5.6 billion.

Analysts had forecast Teva would earn $1.02 ex-items on revenue of $5.6 billion, according to Thomson Reuters I/B/E/S.

Generic drug sales fell to $3.01 billion from $3.26 billion, while profit slid to $619 million from $982 million a year ago.

Sales of its branded multiple sclerosis drug Copaxone, which started to face generic competition in October, slipped 7 percent to $987 million.

Teva expects 2017 revenue of $22.2-$22.3 billion, down from a previous $22.8-$23.2 billion, and EPS ex-items of $3.77-$3.87, down from $4.30-$4.50. Analysts had been expecting EPS of $4.19 on revenue of $22.6 billion.

That implies fourth-quarter revenue of $5.3-$5.4 billion and adjusted EPS of 70 to 80 cents.

Teva said it would pay a quarterly dividend of 8.5 cents a share, the same as the second quarter when it reduced its payout by 75 percent. (Reporting by Steven Scheer; Editing by Tova Cohen)

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