Shares in Teva Pharmaceutical Industries have taken a hit after it unveiled 2013 financial forecasts that were below analyst estimates.

The Israeli drugmaker said that it expects earnings per share next year of $4.85-$5.15 on revenues of $19.5-$20.5 billion. Sales of generics should be in the region of $10.3-$10.7 billion, while its multiple sclerosis blockbuster Copaxone (glatiramer acetate) are forecast to hit $3.7-$3.9 billion.

The forecasts come ahead of a strategy update to be presented by new Teva chief executive Jeremy Levin next week. However, in a conference call following the earnings forecast, Mr Levin (pictured) noted that the firm will discontinue some R&D projects as part of a cost-cutting programme designed to save $1.5-$2 billion.

Large acquisitions are unlikely to figure in Teva's plans for a while and Mr Levin spoke about the need to "reward shareholders". He added that "going forward you will find that Teva looks like a very different company from the Teva of the past".