Teva Pharmaceuticals (TEVA) slid 2.5% in early trading after the pharmaceutical company said it plans to buy back $3 billion worth of shares and forecast sales that were in line with analysts’ expectations. The company’s projected earnings range fell within analysts’ estimates, though the midpoint of the range was below expectations.
The company also told investors that “We can assume that we will continue to increase the dividend,” according to theflyonthewall.com.
Teva said it expects to earn $5.48 to $5.68 per share in 2012, against expectations for $5.67. Sales should come in at about $22 billion, in line with expectations. The company expects to sell $3.8 billion of its top-selling multiple sclerosis drug Copaxone (in 2010, the company sold $2.8 billion of Copaxone).
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