Teva Pharmaceutical Industries Ltd., one of Israel’s largest companies, increased its revenue guidance for the second straight quarter, saying medicine production hasn’t been significantly affected by the war with Hamas.
The company, among the world’s largest makers of generic medicines, now expects revenue in the range of $15.1 billion to $15.5 billion this year, up from a forecast of $15 billion to $15.4 billion three months ago. The company is seeing strength in both its branded-drug and generics businesses.
Teva’s production has been “largely unaffected” by the war with Hamas that began on Oct 7, Chief Executive Officer Richard Francis said in a statement Wednesday. Over 92% of the company’s production occurs outside of Israel, and sales in the country contribute only 2% to Teva’s global revenue, a spokesperson said.
Teva’s American depositary receipts rose 3.8% in early trading at 7:37 a.m. in New York.
