Teva's revenue drops 18% in Q2

Teva Pharmaceuticals, the world's largest generic drugmaker, saw its second-quarter revenue decline 18 percent to $4.7 billion — suggesting its financial woes have not passed, The Wall Street Journal reports.

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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