Teva Raises Guidance

By Josh Beckerman 

Teva Pharmaceutical Industries Ltd., which is working toward a $40.5 billion acquisition of Allergan PLC's generics unit, increased its second-quarter earnings and revenue guidance on Tuesday.

Teva expects earnings excluding items of $1.19 to $1.22 a share, compared with a prior outlook of $1.16 to $1.20. The company expects revenue of $4.9 billion to $5 billion, compared with a May outlook of $4.7 billion to $4.9 billion.

In a conference call on Wednesday, Teva will provide preliminary guidance for the period through 2019 that includes results of the Allergan business.

Teva said in March that the deal announced last July would be completed later than expected as it works to obtain regulatory approval.

Analysts said the delay may have indicated a need for more asset sales to gain clearance.

The European Union approved the transaction in March, with conditions including a requirement that the companies divest the majority of Allergan's generics business in the U.K. and Ireland.

Last month, Impax Laboratories Inc. said it would buy a portfolio of generic drugs from Teva and Allergan for $586 million. Teva has also struck agreements for asset sales to Sagent Pharmaceuticals Inc. and Dr. Reddy's Laboratories.

Shares of Teva rose 1% to $53 after hours.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

July 12, 2016 18:49 ET (22:49 GMT)

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