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Teva Sees 2018 Below View; Stock Plunges

Teva Pharmaceutical Industries Ltd. (TEVA) said that it expects non-GAAP earning per share to be in the range of $2.25-$2.50, and revenues of $18.3 billion -$18.8 billion for fiscal year 2018. Analysts polled by Thomson Reuters expect the company to report earnings of $2.94 per share and revenues of $19.26 billion for 2018. Analysts' estimates typically exclude special items.

In the Thursday pre-market, TEVA is trading at $18.10 down $2.76 or 13.23%.

As part of restructuring plan, in December 2017, the company announced an immediate suspension of dividends on ordinary shares and ADSs and that dividends on mandatory convertible preferred shares will be evaluated on a quarterly basis per current practice.

Teva has suspended dividends on its mandatory convertible preferred shares in the fourth quarter of 2017, due to its negative net retained earnings.

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