Israeli generic drug maker Teva Pharmaceutical Industries says earnings jumped sharply in the first quarter of 2018 as it pressed forward with an aggressive cost-cutting program.
Teva says it posted net income of $1.1 billion, or $1.03 a share, compared to $580 million, or 57 cents a share, a year earlier.
Chief Executive Kare Schultz says the year was off to a “solid start” and raised his 2018 guidance.
He says the company is on track to meet cost-cutting targets, which include reducing one-quarter of the company’s workforce, and is reducing its $30 billion debt load.
The improved earnings came despite a 10 percent drop in revenue to $5.1 billion. It cited the deteriorating US generics market and generic competition to its blockbuster MS drug Copaxone.
— AP
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