Teva Pharmaceutical Industries, Ltd. (NYSE: TEVA – $53.94) raised its full-year profit forecast after posting higher quarterly earnings that were due in part to the launch of several generic products in the United States. Teva, the world’s largest generic drug maker and Israel’s biggest company, earned $1.23 per share excluding one-time items in the second quarter, compared with $1.20 a year earlier. Revenue rose 2% to $5.05 billion. Teva was forecast to earn $1.20 a share on revenue of $5.09 billion. The company raised its full year 2014 earnings forecast to $4.50-$4.80 a share if rivals launch generic versions of multiple sclerosis drug Copaxone and $4.90-$5.10 without competition. Previously, it had predicted $4.20-$4.50 and $4.80-$5.10, respectively. Copaxone, which accounts for about 20% of sales and 50% of profit, fell 12% to $900 million. The injectable drug faces competition from oral treatments as well as cheaper generics in the coming years. Teva has been working to cut costs and drive efficiencies, while expanding in niche markets with better growth potential. It recently agreed to acquire Labrys, which should broaden its portfolio of pain management therapies and biologics. The shares are now trading within a range that is getting close to a point where profit taking may be in order, but given the company’s on-going restructuring efforts and inroads to lessen its dependence on Copaxone, I am going to retain the shares in the aggressive list for now. The shares have held up well despite the recent market sell off and provide investors with a growing dividend payout equal to 3.1% at current levels, enhancing its total return potential.