By Adriano Marchese
Shares of Teva Pharmaceutical Industries were trading higher on Wednesday after the company reported better-than-expected revenue and profit in the fourth quarter, and said it plans to divest its API business.
The stock advanced 5% to $12.36 at 10:47 a.m. ET. Earlier in the session the shares touched a 52-week high of $12.39. The stock is up 16% in the last year.
The Tel Aviv, Israel-based, pharmaceutical company reported net revenue rose to $4.46 billion from $3.88 billion, which topped FactSet-polled analyst expectations of $4.03 billion.
The rise supported a net profit of $461 million, or 41 cents a share, up from a loss of $1.3 billion, or $1.17 a share, in the same quarter a year ago.
Adjusted earnings came to $1 a share, while analysts were expecting a rise to 77 cents a share.
Teva also said it plans to divest its active-pharmaceutical ingredient business as it looks to pursue new growth opportunities.
Write to Adriano Marchese at adriano.marchese@wsj.com
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