RTTNews | Jul 28, 2021 10:56AM EDT

10:55 Wednesday, July 28, 2021 (RTTNews.com) - Shares of Teva Pharmaceutical Industries Ltd. (TEVA) are gaining over 10% on Wednesday morning after the pharma giant reported its second-quarter results and updated its outlook.

TEVA is currently trading at $9.91, up $0.99 or 11.10%, on the NYSE, on a volume of 18.2 million shares, above the average volume of 8.7 million shares. The stock has traded between $8.24 and $13.30 in the 52 week period.

Teva Pharma's second-quarter profit rose to $207 million or $0.19 per share from $140 million or $0.13 per share last year. Adjusted earnings for the quarter were $651 million or $0.59 per share for the period. Analysts had expected earnings of $0.59 per share.

The company's revenue for the quarter rose 1.0% to $3.91 billion from $3.87 billion last year. Analysts had a consensus revenue estimate of $4.04 billion.

Moving ahead, Teva lowered its full-year 2021 revenues outlook to $16.0 billion to $16.4 billion from the previous estimate of $16.4 billion to $16.8 billion, due to the effects of the pandemic. Analysts currently expect revenues of $16.55 billion.

The company continues to see annual earnings of $2.50 to $2.70 per share. Analysts currently expect annual earnings of $2.45 per share.

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