Teva Pharmaceuticals Inc. surged after sales of branded medications topped expectations, showing that its strategy to expand into that drug category is working. Total revenue last quarter of $4.48 billion beat consensus, driven by a 33% gain for a group of drugs that includes Austedo. Meanwhile, sales of generics — Teva’s core business — missed estimates. The Tel Aviv, Israel-based company has pushed into branded medications that have been drivers of the company’s growth in recent years. The generics business continues to make up the majority of Teva’s revenue.
Richard Francis, Teva's President and CEO, discusses his company's growth strategy and its move to renew the sale process for its active ingredients business after talks with an unnamed buyer fell through. Richard speaks with Emily Graffeo and Katie Greifeld on Bloomberg Businessweek Daily.