JERUSALEM (AP) — Israeli drug maker Teva Pharmaceutical Industries has swung to a third-quarter loss as it proceeds with an aggressive cost-cutting program and adjusts to declines in key product categories.
But the company on Thursday gave a positive outlook as it reported stabilization in its key generics business, the launch of new products and progress with its restructuring.
Teva posted a loss of $273 million, or 27 cents a share, compared with earnings of $530 million, or 52 cents a share, the previous year. Revenue fell 19 percent from $5.617 billion to $4.529 billion.
Speaking to analysts, Chief Executive Kare Schultz said he is "very satisfied" with the company's performance.
Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.
