JERUSALEM (Reuters) – Teva Pharmaceutical Industries lowered full-year revenue guidance on Thursday as it reported weaker than expected third-quarter profit, citing a stronger U.S. dollar.

The world’s largest generic drugmaker reported earnings of 59 cents per diluted share excluding one-off items in the three months to Sept. 30, unchanged from a year earlier, on revenue down 8% at $3.6 billion. It’s bottom line was helped by a 10% drop in selling and marketing expenses.

That compared with analyst expectations of 62 cents per share on revenue of $3.83 billion, according to I/B/E/S data from Refinitiv.

Citing “continued foreign exchange headwinds”, the Israel-based company lowered its 2022 revenue estimate to between $14.8 billion and $15.4 billion, down from a previously forecast $15 billion to $15.6 billion. Last year’s revenue was $15.9 billion.

Guidance on 2022 adjusted earnings per share was left unchanged at $2.40-$2.60, against $2.58 last year.

(Reporting by Steven Scheer; Editing by David Goodman)

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