Here's Why Teva Pharmaceuticals Jumped Higher Today
Shares of Teva Pharmaceutical Industries (NYSE: TEVA) are up 11% at 1:50 p.m. EDT after the drugmaker announced first-quarter earnings that beat expectations.
Revenue was up 5% year over year to $4.36 billion in the first quarter. For most drugmakers, 5% growth would be a slow quarter, but Teva has been struggling of late, with its multiple sclerosis drug Copaxone facing generic competition and a decline in its U.S. generic business, which resulted in revenue falling 8% year over year -- 5% in local currency terms -- in 2019.
Going from a 5% decline to a 5% gain is quite the feat. Unfortunately, some of the gain in the most recent quarter might be short-lived, since it was due to strong demand in generic and over-the-counter products and respiratory products, presumably for people stocking up and treating COVID-19, respectively.
Source Fool.com
