Teva Pharma Dives As Another Drugmaker Breaks Out On Earnings [Investor's Business Daily]
ABAXIS (ABAX)
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Source: Investors Business Daily
Related news Teva Pharmaceutical ( TEVA ) stock tanked Thursday on its mixed second quarter as 2018 guidance came in light, while fellow drugmaker Zoetis ( ZTS ) broke out on its estimate-topping quarter. In midday trading on the stock market today , Teva stock plunged 9.7%, near 21.60, hitting a two-month low. That prodded shares of generic drugmakers to dip a fraction. At the same time, Zoetis stock popped 5.6%, near 90.80, breaking out of a flat base with a buy point at 89.35. During the quarter, Teva felt the weight of the Food and Drug Administration's push to approve more generic drugs . Net revenue declined nearly 18% to $4.7 billion and was just shy of analysts' expectations for $4.76 billion. Sales of generic medicines in North America plunged 29% year over year to $947 million. In Europe, generic medicines brought in $907 million, climbing 10%, though that was partially offset by an 11% decline in international markets to $537 million. Teva also is feeling generic pressure
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