November 7, 2019 / 12:20 PM / 10 days ago

Teva Pharm Q3 profit misses estimates, names new CFO

JERUSALEM, Nov 7 (Reuters) - Israel-based Teva Pharmaceutical Industries reported a larger-than-expected drop in third-quarter profit on Thursday and slightly raised its full year outlook.

The world’s largest generic drugmaker earned 58 cents per diluted share excluding one-time items in the July-September period, down from 68 cents a year earlier. Revenue fell 6% to $4.26 billion.

Analysts had forecast Teva would earn 59 cents a share ex-items on revenue of $4.24 billion, according to I/B/E/S data from Refinitiv.

For 2019 it raised its forecast of adjusted EPS to $2.30-$2.50 from $2.20-$2.50 and revenue to $17.2-$17.4 billion from $17.0-$17.4 billion. Analysts are forecasting EPS of $2.38 on revenue of $17.18 billion.

Teva also named Eli Kalif as its new chief financial officer effective Dec. 22. (Reporting by Steven Scheer; Editing by Alex Richardson)

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