TEL AVIV, May 2 (Reuters) - Israel-based Teva Pharmaceutical Industries reported a slightly smaller-than-expected drop in first-quarter profit on Thursday and said it was on track to cut $3 billion of costs by the end of 2019.
The world’s largest generic drugmaker earned 60 cents per diluted share excluding one-time items in the January-March period, down from 94 cents a year earlier. Revenue fell 15 percent to $4.3 billion.
Analysts had forecast Teva would earn 58 cents a share ex-items on revenue of $4.38 billion, according to I/B/E/S data from Refinitiv.
For 2019 it reaffirmed its forecast of adjusted EPS of $2.20-$2.50 and revenue of $17.0-$17.4 billion. Analysts are forecasting EPS of $2.40 on revenue of $17.29 billion. (Reporting by Tova Cohen Editing by Steven Scheer)