Teva Cuts 2017 Outlook; Stock Down

(RTTNews) - Teva Pharmaceutical Industries Limited (TEVA) said that it lowered its outlook for fiscal year 2017. The revised guidance ranges assume no generic competition to Copaxone 40mg in the United Stated in 2017.

In the Thursday's pre-market trade, TEVA is trading at $28.92, down $2.31 or 7.40%

The company cut its Non-GAAP earnings per share guidance for 2017 to a range of $4.30 - $4.50, from the prior estimate of $4.90 - $5.30 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $4.74 per share for 2017. Analysts' estimates typically exclude special items.

The company lowered its outlook for 2017 Non-GAAP results to revenues of $22.8 - $23.2 billion, from a previously expected range of $23.8 - $24.5 billion. Analysts expect annual revenues of $23.42 billion.

This adjusted outlook takes into consideration the impact of increased price erosion in U.S. Generics business, which is expected to be in a high single digits rate through the remainder of the year, and delays in generic launches in the U.S. Lastly, this outlook reflects the continued deterioration of political and economic conditions in Venezuela.