Teva, the world’s largest maker of life-saving chemotherapy drugs, reported disappointing earnings and revenue results for the first quarter, a major setback for its chief executive, who was replaced by former chief financial officer D.J. Haryana.
The company posted a loss of $2.2 billion, or 31 cents a share, as its revenue fell by $2 billion.
Analysts were expecting the company to post a profit of around $4.3 billion, according to Thomson Reuters I/B/E/S.
But Teva reported a loss for the quarter of $1.3 million, or 37 cents a year ago, as it struggled to keep up with soaring costs of the blockbuster drugs.
In its first quarter last year, Tevada saw sales of about $300 million.
Analyzing earnings from the same period last year showed that Teva lost about $5.3 for every dollar it earned, a drop of nearly 80% over the past three years.
Teva shares were down more than 4% in after-hours trading Thursday morning, after falling about 10% Thursday morning.
The drugmaker’s stock, which has lost nearly 90% of its value since its 2007 IPO, had climbed over 15% in the past two weeks.
The stock has also fallen on Tevadas share price over the last year.
Tevaderas CEO D. J. Hariesana, who resigned this week, was replaced last year by his predecessor, D.K. Kharivat.
Teavadas stock fell nearly 5% in its first day of trading.