Teva Pharmaceuticals (TEVA) shares plunged on Friday after the company issued weaker-than-expected 2017 guidance. The Israel-based generic pharmaceuticals company expects earnings per share of between $4.90 and $5.30 for 2017, missing estimates of $5.41.
As for revenue, the company now expects between $23.8 billion and $24.5 billion, missing estimates of $24.8 billion.
Last year "was a transition year for Teva," Erez Vigodman, the company's CEO and president said in a statement. "The entire health care sector has faced significant headwinds, and we have not been immune."