Teva Pharmaceuticals shares gained 5 percent Monday after reporting better-than-expected first-quarter profit as sales of its generic drugs drove performance.
The Israel-based drugmaker earned an adjusted $1.36 per share for its latest quarter, beating analysts' estimates by 19 cents. Revenue also beat forecasts, despite no new generic drug introductions during the quarter.
Teva's sales of generic drugs amounted to $2.2 billion, a decrease of 17 percent hurt by the loss of exclusivity of proton pump inhibitor Esomeprazole and Crohn's disease treatment budesonide. However, global revenues of of Teva's multiple sclerosis drug Copaxone outperformed, with $1 billion in sales for the quarter, a 9 percent increase compared to a year ago.