JERUSALEM, (Reuters) – Israel’s Teva Pharmaceutical Industries (NYSE) announced a first quarter profit. The 2022 revenue estimate was lowered due to currency fluctuations.

On Tuesday, the world’s biggest generic drugmaker reported that it made 55 cents per share for diluted shares, excluding any one-time items. This is down from 63 cents per share last year. The revenue fell by 8% to $3.66 million.

Based on I/B/E/S data compiled by Refinitiv, analysts predicted Teva would earn 55c per share for revenue of $3.76billion.

Teva has lowered its 2022 revenue forecast to $15.4-$16.0billion from $15.6-16.2 billion after generating $15.9 billion revenue in 2021. Teva previously forecast 2022 adjusted earnings of $2.40-2.60, as opposed to $2.58 in last year.