NEW YORK (AP) – Israeli drugmaker Teva Pharmaceutical Industries Ltd. forecast earnings growth for next year and said that it plans to buy back up to $3 billion of its stock.
The world’s largest generic drugmaker said it expects 2012 adjusted earnings of between $5.48 and $5.68 per share on revenue of about $22 billion. The earnings projection excludes items like the amortization of certain assets and costs tied to regulatory actions and legal settlements.
Teva also said actual results could vary depending on factors like foreign exchange rates and market conditions.
Analysts surveyed by FactSet expect, on average, earnings of $5.67 per share on $21.97 billion in revenue.
Last month, Teva said it expected adjusted earnings of between $4.92 and $5.02 per share on sales of between $18.3 billion and $18.6 billion for 2011.
Analysts expect, on average, earnings of $4.95 per share on $18.28 billion in revenue.
Teva said in a separate announcement the repurchase program would represent about 8 percent of its outstanding shares, based on current market capitalization. The company plans to finance the buyback with free cash flow.
Date: December 21, 2011
Source: Associated Press
