Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) released its most recent quarterly results before the markets opened on Thursday. The pharmaceutical giant said that it had $0.78 in earnings per share (EPS) and $4.70 billion in revenue. Consensus estimates had called for $0.64 in EPS and $4.74 billion in revenue. Also, the second quarter of last year had EPS of $1.02 and revenue of $5.69 billion.

During the quarter, revenues decreased by 18%, or 19% in local currency terms, compared to the second quarter of 2017, mainly due to continued price erosion in the U.S. generics business, generic competition to Copaxone. The company also lost some revenues following the divestment of certain products and discontinuation of certain activities.

In terms of its segments, the company reported as follows:

• North America revenues decreased 28.6% year over year to $2.26 billion, with a gross profit of $1.2 billion.
• Europe revenues increased 2.5% to $1.33 billion, with a gross profit of $731 million.
• International Markets revenues decreased 10.8% to $789 million, with a gross profit of $328 million.

Looking ahead to the 2018 full year, the company expects to see EPS in the range of $2.55 to $2.80 and revenues between $18.5 billion and $19.0 billion. The consensus estimates are $2.69 in EPS and $18.99 billion in revenue for the year.

Kare Schultz, Teva’s president and CEO, commented:

I am satisfied with our progress in the second quarter. The restructuring program is on schedule, we have already achieved a significant cost base reduction towards our target for the year and we continue to reduce our net debt. COPAXONE maintained its market share and AUSTEDO continued to show solid growth. Given the second quarter results, we have decided to raise our 2018 full year guidance. Our PDUFA action date for fremanezumab is set for mid-September and we are preparing to launch this important product once approved.

Shares of Teva traded down more than 4% early Thursday at $22.85, with a consensus analyst price target of $20.61 and a 52-week trading range of $10.85 to $26.37.

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