JERUSALEM: Teva Pharmaceutical Industries nudged up its full-year earnings guidance on Thursday, after reporting a drop in third-quarter profit that broadly met expectations.
Revenue fell 6per cent to US$4.26 billion due to generic competition for its multiple sclerosis drug Copaxone and declines in sales in the United States, Russia and Japan, although it posted gains in some of its newly launched drugs. Revenue in North America dipped 9per cent to US$2.05 billion, with North American sales of Copaxone down 41per cent to US$271 million. Its new migraine drug Ajovy had revenue of US$25 million, while sales of Huntington's treatment Austedo rose to US$105 million from US$62 million.Teva is looking to Ajovy and Austedo to boost revenue and help it pay down its huge debt load.