Teva falls on Celltrion warning letter, guidance

Teva Pharmaceutical Industries Ltd. (NYSE:TEVA; Tel Aviv:TEVA) fell $2.21 (11%) to $18.64 in New York on Thursday after reporting earnings that included lower than expected 2018 guidance and indicated Teva may not be able to launch its migraine candidate fremanezumab (TEV-48125) on schedule after its manufacturing partner Celltrion Inc. (KOSDAQ:068270) received a warning letter from FDA.

The company's 2018 guidance of revenues between $18.3-$18.8 billion and EPS of $2.25-$2.50 fell short of the Street's expectations of $19.2 billion and $2.93 EPS. On a conference call to discuss the earnings, CEO Kåre Schultz attributed the reduced guidance to the company's restructuring and increased generics competition...