Teva Stock Plunges On Flat Sales, Earnings Disappointment

Teva Pharmaceutical (TEVA) early Wednesday reported adjusted earnings of 40 cents per share on $3.66 billion in first-quarter sales. In response, Teva stock tumbled.

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On average, analysts polled by FactSet expected Teva to earn 56 cents a share and report $3.62 billion in sales.

In the year-earlier period, Teva earnings were 55 cents a share on $3.66 billion in sales.

For the year, the generic pharma giant kept its guidance for adjusted profit of $2.25-$2.55 per share and $14.8 billion to $15.4 billion in sales. Teva stock analysts called for earnings of $2.40 per share and $15.04 billion in sales.

In premarket trading on today’s stock market, Teva stock skidded 6% near 8.55. Shares recently edged above their 50-day moving average, according to MarketSmith.com.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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