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Actionable news in TEVA: TEVA PHARMACEUTICAL INDUSTRIES LIMITED AMERICAN DEPOSITARY SHARES,

Teva shares plummet 24% on cheaper generic drug prices, pulling rivals lower

Teva, the world's largest generic drug maker, missed profit expectations

Lower prices for generic drugs, though a boon for consumers, have been challenging drugmakers and other companies in the pharmaceutical supply chain—a trend that isn’t expected to go away soon.

Generic drugmaker Teva Pharmaceutical Industries Ltd. was the latest casualty this earnings season. Shares plunged 24% in extremely heavy afternoon trade for the NYSE-listed stock after the company TEVA, -24.00% missed profit expectations and reported generics revenue that was below expectations.

A full 106.3 million of shares had changed hands by the bell, compared with an average daily volume of 7.8 million.

Shares of Teva rivals also fell. Mylan MYL, -6.01% shares dropped 6%, Perrigo Co. PRGO, -5.30% shares dropped 5.3%, Celltrion 068270, +0.19% stock dropped 3.4%, Taisho Pharmaceutical Holdings 4581...


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