Here's Why Teva Pharmaceuticals Jumped Higher Today

Shares of Teva Pharmaceutical Industries (NYSE: TEVA) are up 11% at 1:50 p.m. EDT after the drugmaker announced first-quarter earnings that beat expectations. For most drugmakers, 5% growth would be a slow quarter, but Teva has been struggling of late, with its multiple sclerosis drug Copaxone facing generic competition and a decline in its U.S. generic business, which resulted in revenue falling 8% year over year -- 5% in local currency terms -- in 2019. On the non-COVID-19 plus side, U.S. sales of Austedo, which treats tardive dyskinesia and Huntington's disease chorea, were up 64% year over year to $122 million.