Teva Pharmaceutical Industries Ltd.’s TEVA shares were up more than 5% with the company announcing better-than-expected first quarter 2016 results. While earnings came in at $1.20 per share, well above the Zacks Consensus Estimate of $1.13, revenues were $4.81 billion, surpassing the Zacks Consensus Estimate of $4.75 billion.However, both revenues (down 3.5%) and earnings (down 11.8%) declined from the year-ago period. Currency fluctuations had a negative impact of $107 million on total revenues.Quarter in DetailGeneric segment revenues declined 17% to $2.2 billion. Revenues from the U.S. generics business declined 32% to $976 million reflecting loss of exclusivity for the generic versions of Nexium and Pulmicort.European generic revenues continued to decline with sales coming in at $671 million, down 1% from the year-ago period.Specialty medicines revenues grew 10% from the year-ago period to $2.2 billion reflecting higher sales of CNS (up 8% to $1.3 billion) and respiratory products (up 38% to $366 million). Oncology product sales grew 2% to $268 million while Azilect increased 6% to $113 million.Worldwide Copaxone revenues grew 9% to $1 billion. While sales in the U.S. increased 12% to $821 million, ex-U.S. sales slipped 4% to $185 million. U.S. sales benefited from higher net pricing including a 7.9% price increase taken in Jan 2016. The 40 mg thrice-weekly (3TW - three times a week) formulation accounted for more than 81% of total Copaxone scrips in the U.S.In Jun 2015, Sandoz, Novartis’ NVS generic arm, had launched Glatopa, its once-daily generic version of Copaxone 20 mg.Teva said that at the end of the first quarter, U.S. market share for the Copaxone products in terms of new and total prescriptions was 28.1% and 29.8%, respectively.The women’s health business recorded revenues of $110 million, down 15%.API revenues increased 25% to $197 million.Research & Development expense increased 14.3% from the year-ago period to $375 million. Meanwhile, Selling and Marketing (S&M) expenditures declined 9.6% from the year-ago period to $821 million.Provides Second Quarter 2016 OutlookThe company provided its outlook for the second quarter of 2016 – while earnings are expected in the range of $1.16 - $1.20 per share ($1.32 - $1.36 per share excluding the impact of the Dec 2015 equity offerings), revenues are expected in the range of $4.7-$4.9 billion. The Zacks Consensus Estimate for second quarter 2016 earnings and revenue are $1.21 per share and $5.45 billion, respectively.Guidance includes the impact of the Rimsa acquisition and the Teva-Takeda business venture, but not of the Actavis Generics acquisition.The company will provide its outlook for 2016 in August once the Actavis Generics acquisition is completed -- Teva expects the deal to go through by June. The company will provide guidance for 2017 and 2018 in September.Teva said that it continues to expect cost synergies and tax savings of approximately $1.4 billion annually, mostly achievable by the third anniversary of the closing of the Actavis Generics transaction. This includes the assumption that about $1.1 billion of net global revenue will be divested.Our TakeTeva’s first quarter results were strong with the company beating on earnings and revenues. Strength in the specialty business helped offset weakness in the generics segment that didn’t see any major launches during the quarter. 2016 is a transition year for Teva as it works on the integration of Actavis Generics and progresses with its branded pipeline. The company has quite a few important regulatory and development updates lined up this year.Teva has also earmarked $3 billion - $5 billion for potential branded drug deals in 2016. The company is also looking to strengthen its biosimilar pipeline.Meanwhile, the Actavis Generics acquisition will help the company strengthen its position in key generic markets.Some well-ranked stocks with a presence in the generics market include Amphastar Pharmaceuticals, Inc. AMPH and Akorn, Inc. AKRX. While Amphastar is a Zacks Rank #1 (Strong Buy) stock, Akorn holds a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NOVARTIS AG-ADR (NVS): Free Stock Analysis Report AMPHASTAR PHARM (AMPH): Free Stock Analysis Report TEVA PHARM ADR (TEVA): Free Stock Analysis Report AKORN INC (AKRX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research