Israeli drugmaker Teva Pharmaceuticals raised its full-year earnings forecast as it announced it agreed to buy Allergan's generic-drug business.

Teva expects earnings per share to be in the range of $5.15 to $5.40, compared with a previously predicted $5.05 to $5.35, it said today in a statement.

The drugmaker’s second-quarter revenue of $4.97 billion beat the average analyst estimate of $4.9 billion, it said in announcing preliminary results.

Teva said it has agreed to buy Allergan’s generic- drug business for about $40.5 billion.

Bloomberg