Following mixed third-quarter results, 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.
Teva chief executive Shlomo Yanai also revealed that laquinimod will be held back, adding that the company would continue to work with the US Food and Drug Administration in order to determine the best design for an additional trial.
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