The Israeli drugmaker’s sales fell for the sixth consecutive quarter in North America to $947 million.
Teva’s CEO Kåre Schulz attributed the decline in sales to erosion of its lead multiple-sclerosis drug, which went off patent.
“When a product goes off-patent you never recover,” he said, according to WSJ.
The financial woes for Teva became clear when Mr. Schulz took the helm late last year, announcing plans to cut $3 billion in costs by slashing 14,000 jobs and closing factories and research centers. Mr. Schultz said during the earnings call that the company has shed $1.1 billion in expenses since the turnaround plan was announced.
Shares of the generic drug company tumbled 8 percent Aug. 2 on disappointment about its revenue outlook, according to Reuters.
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