Teva’s stock gains as it meets earnings expectations for the third quarter

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Shares of Teva Pharmaceutical Industries Ltd. gained 0.4% in premarket trading on Thursday after it beat revenue expectations for the third quarter. The Israeli drug maker had a loss of $4.3 billion, or $3.97 per share, in the third quarter of 2020, compared to a loss of $307 million, or 29 cents per share, in the same quarter a year ago. Adjusted earnings per share were 58 cents, matching the FactSet consensus. Teva had revenue of $3.9 billion for the quarter, down from $4.1 billion in the same period a year ago. The FactSet consensus was about $4.0 billion. The company attributed the decline to lower sales in its generic and over-the-counter businesses, as well as for Copaxone, its flagship multiple sclerosis product, which reported a 13% decline in sales, to $236 million in North America. It also reported lower demand for certain therapies as a result of the COVID-19 pandemic. Sales of Parkinson’s disease drug Austedo jumped 60% to $168 million for the quarter in North America. Teva’s stock is down 2.8% for the year, compared with the S&P 500 , which has gained 6.6%.
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