Teva Pharm Raises 2018 Profit Outlook, Sees Strong Migraine Drug Launch

Teva Pharmaceutical Industries raised its 2018 earnings outlook, said it was seeing “a very strong launch” for its long-awaited migraine treatment Ajovy and expects to launch generic EpiPen in the fourth quarter. Teva raised its full-year forecast for adjusted EPS to $2.80-$2.95, from a previous estimate of $2.55-$2.80 and its shares were 8.5 percent higher in early U.S. trading, Reuters reported. The company also said it was on track with plans to reduce its workforce by 14,000, having let over 9,000 employees go so far. Net debt decreased by $800 million to $27.6 billion. Israel-based Teva, the world’s largest generic drugmaker, has been counting on Ajovy to revive its fortunes after it was forced to restructure to tackle a debt crisis. The release of the migraine drug had been delayed due to U.S. regulatory concerns about the manufacturing process, but Ajovy finally won approval from the U.S. Food and Drug Administration in September. Read more