Teva Pharmaceutical Industries Ltd. (TEVA) said generic-drug sales in the U.S., its biggest market, fell for a second straight quarter, hurt by manufacturing problems and a dearth of new products.
Sales of U.S. generics tumbled 32 percent, the Petah Tikva, Israel-based company said today in a statement. The world’s biggest maker of copycat medicines reported revenue of $4.1 billion, missing the average analyst estimate of $4.29 billion.
Teva agreed last week to buy Cephalon Inc. (CEPH) for $6.2 billion in a deal aimed at reducing reliance on the top-selling Copaxone multiple-sclerosis treatment, which accounted for 22 percent of revenue last quarter. Teva’s American depositary receipts have dropped 19 percent in the past year as investors fretted that competition would erode sales of its biggest innovative drug.
