Teva Reduces Full-year Forecast

Teva has adjusted its 2011 sales forecast to between $18.3bn and $18.6bn, down from the $18.5bn-$19bn it originally predicted.

Drug maker Teva Pharmaceutical has reduced its full-year forecast and has announced it will delay seeking US approval for multiple sclerosis medication laquinimod.

Although group sales rose 2.2% to $4.34bn, Teva suffered from tumbling turnover in the US, falling 48% to $845m owing to emerging generic competition.

Teva has now adjusted its 2011 sales forecast to between $18.3bn and $18.6bn, down from the $18.5bn-$19bn it originally predicted.

According to Teva chief executive Shlomo Yanai, laquinimod will be held back and the company would continue to work with the FDA in order to determine the best design for an additional trial.