(RTTNews) - While reporting financial results for the third quarter on Thursday, Israeli generic medicines producer Teva Pharmaceutical Industries Ltd. (TEVA) raised its earnings and revenue guidance for the full-year 2019.
For fiscal 2019, the company now projects earnings in a range of $2.30 to $2.50 per share on net revenues between $17.2 billion and $17.4 billion.
Previously, the company expected earnings in a range of $2.20 to $2.50 per share on net revenues between $17.0 billion and $17.4 billion.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.38 per share on revenue of $17.18 billion for the year. Analysts' estimates typically exclude special items.
The company also said it remains on track to achieve its two-year restructuring target of a $3 billion spend base reduction.
Kåre Schultz, Teva's President and CEO, said, "Looking ahead, we are committed to driving long-term shareholder value by maximizing profits from existing core businesses, increasing sales of new brands and products, executing our biosimilar/biologics strategy, delivering manufacturing efficiencies, and generating strong free cash flow for debt repayment."
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