UPDATE 2-Teva dividend lift dismays investors
* Q4 non-GAAP earnings per share $1.32 vs $1.33 forecast
* Q4 revenue $5.25 billion vs $5.26 bln forecast
* Raises quarterly dividend 15 pct, reaffirms 2013 outlook
* Mixed results unlikely to inspire-analyst
* To sell Irvine, CA injectables plant
By Tova Cohen
TEL AVIV, Feb 7 (Reuters) - Teva Pharmaceutical Industries , two months into a sweeping reorganisation it promised would bring extra rewards for shareholders, dismayed investors with a smaller rise in its dividend than expected.
The world's biggest generic drugmaker posted fourth-quarter profit that missed expectations and said it would sell one of its injectables manufacturing plants, in Irvine, California, as part of a plan to save $1.5-$2 billion over the next few years.
"Overall, the results were a bit disappointing," Leader Capital Markets analyst Sabina Podval said.
Canaccord Genuity analyst Randall Stanicky said sentiment around the company had not been strong "but mixed results are unlikely to inspire, nor is the lack of a more meaningful dividend increase.
"The story is clearly going to take time."
Israel-based Teva has grown rapidly in recent years through a series of multibillion-dollar acquisitions but its shares have badly underperformed its rivals in the past two years.
Among its key challenges is the looming 2015 patent expiration of its most important branded product, the multiple sclerosis drug Copaxone, which accounts for about 20 percent of sales and some 50 percent of profit.
Copaxone posted a 14 percent rise in global sales to $1.1 billion. But the drug, which is injected, faces competition from oral treatments that are either already available or expected to hit the market in coming years.
The reorganisation announced in December promised to return value to shareholders by streamlining operations, making targeted acquisitions and discontinuing certain research programmes.
Chief Financial Officer Eyal Desheh said Teva remained confident in its 2013 outlook, issued in late November, for adjusted earnings per share of $4.85 to $5.15 in 2013 on revenue of $19.5 billion to $20.5 billion.
Earnings per share excluding items were $5.35 in 2012.
"We continue to think guidance is conservative, which should provide some comfort to (the) 2013 bottom line outlook," said Canaccord's Stanicky.
Teva declared a quarterly dividend of 1.15 shekels (31 cents) a share, up 15 percent from the third quarter. Several analysts said the market was hoping for a bigger increase.
The company also bought back 12.7 million of its shares for $500 million in the quarter as part of a $3 billion share repurchase plan approved in December 2011.
Teva earned $1.32 per share excluding one-time items in the fourth quarter, compared with $1.59 a year earlier. Revenue fell 8 percent to $5.25 billion.
Teva was forecast to earn $1.33 a share excluding items on revenue of $5.26 billion, according to Thomson Reuters I/B/E/S.
Teva shares were down 0.75 percent to $37.87 in early New York trade, not far above its year low of $36.64.
U.S. sales, which comprise 50 percent of total sales, fell 14 percent in the fourth quarter to $2.6 billion as sales of sleep disorder drug Provigil fell substantially due to generic competition that began in the second quarter.
Teva also attributed the decline to unusually high generic revenue in the fourth quarter of 2011.
Chief Executive Jeremy Levin did not say how much Teva expected to gain from the sale of the injectables plant.