Teva Rises After Sales Top Estimates on Branded Shift (1)

Generic drug manufacturer Teva Pharmaceutical Industries Ltd. beat Wall Street estimates for the first quarter on demand for its branded medications.

The Tel Aviv-based company has been pivoting to new medications to boost its sales and away from its long dependence on generics as competition in that sector has increased.

The company’s US depository receipts rose 11.3% at 12:45 p.m. in New York Wednesday, the most intraday since November. Through Tuesday’s close, the shares had gained 1.3% year to date.

Sales of Austedo, a medication used to treat Huntington’s disease, surged 41% to $578 million, beating estimates of $495 million. ...