"Looking ahead, we continue to expect that 2019 will be the trough for our business, a year in which we will experience similar challenges to those of 2018 including the continued erosion of Copaxone in the U.S. and Europe as well as the introduction of generics in the ProAir (inhaler) market," Chief Executive Kare Schultz said.
For 2019 the company forecast adjusted EPS of $2.20-$2.50 and revenue of $17.0-$17.4 billion. Analysts were forecasting EPS of $2.81 on revenue of $17.9 billion for this year.
Teva earned 53 cents per share excluding one-time items in the fourth quarter of 2018, down from 93 cents a year earlier.
Revenue fell 16 percent to $4.6 billion due to generic competition to Copaxone, a decline in revenue from U.S. generic drugs and a loss of revenue following the divestment of some products and discontinuation of certain activities.
Analysts had forecast Teva would earn 54 cents a share ex-items on revenue of $4.5 billion, according to I/B/E/S data from Refinitiv.
Sales of Ajovy, which won approval from the U.S. Food and Drug Administration in September, were just $3 million in 2018 but are expected to grow to $150 million this year.
(Reporting by Tova Cohen and Steven Scheer; Editing by Jan Harvey)
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