May 7, 2020 / 11:13 AM / a month ago

Teva Pharm Q1 profit beats forecasts, reaffirms 2020 outlook

TEL AVIV, May 7 (Reuters) - Israel-based Teva Pharmaceutical Industries reported a higher-than-expected rise in first-quarter profit on Thursday, boosted by stronger demand for generic and over-the-counter drugs and respiratory products.

The world's largest generic drugmaker earned 76 cents per diluted share excluding one-time items in the January-March period, up from 60 cents a year earlier. Revenue rose 5% to $4.4 billion.

Analysts had forecast Teva would earn 59 cents a share ex-items on revenue of $4.15 billion, according to I/B/E/S data from Refinitiv.

It reaffirmed its 2020 forecast for adjusted EPS of $2.30-$2.55 and revenue of $16.6-$17.0 billion. Analysts are forecasting EPS of $2.44 on revenue of $16.7 billion. (Reporting by Tova Cohen Editing by Steven Scheer)

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