JERUSALEM: Israel-based Teva Pharmaceutical Industries reported fourth-quarter profit that beat estimates on Wednesday and set a 2021 outlook similar to its 2020 results.

The world's largest generic drugmaker earned 68 cents per diluted share excluding one-time items in the October-December period, up from 62 cents a share a year earlier. Revenue was largely unchanged at $4.45 billion.

Analysts had forecast Teva would earn 63 cents a share ex-items on revenue of $4.37 billion, according to I/B/E/S data from Refinitiv.

Teva projected 2021 adjusted EPS of $2.50-$2.70 and revenue of $16.4-$16.8 billion, compared with adjusted EPS of $2.57 and revenue of $16.7 billion in 2020.