Teva Shares Plunge as Sales of Copaxone Disappoint
- Copaxone sales were $960 million, short of $1 billion estimate
- Completion of Allergan generics acquisition may be delayed
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Teva Pharmaceutical Industries Ltd. shares dropped to the lowest in more than four months as revenue from its best-selling drug Copaxone fell short of expectations and the Israeli company signaled a delay in completing the acquisition of Allergan Plc’s generics unit.
Profit excluding some costs was little changed at $1.12 billion, or $1.28 a share, the Petach Tikva, Israel-based company said in a statement on Thursday. That may not compare to the $1.30-per-share average of 17 estimates compiled by Bloomberg because of an equity offering in December.