Published On: Thu, Oct 31st, 2013

After The Storm: Teva Beats Estimates

Third quarter EPS of $1.27 on revenue of $5.1 billion compares with a consensus estimate of $1.26 on revenue of $5 billion.

/ By Hillel Koren /

After the turmoil of the ouster of its CEO, Jeremy Levin, yesterday, today Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) presents its third quarter results, reporting non-GAAP earnings per share of $1.27 on revenue of $5.1 billion. The consensus analysts’ estimate was earnings per share of $1.26 on revenue of $5 billion.In a conference call yesterday, acting CEO Eyal Desheh confirmed the company’s guidance for the year as a whole: earnings per share of $4.95-5.05 on revenue of $19.7-20.3 billion.

Sales of generic drugs were flat in the quarter, at $2.5 billion, of which $1.1 billion were in the US (a rise of 6%). In Europe, generic sales fell 1% to $812 million. Despite growing competition, overall Copaxone sales rose 1% to $1.05 billion, with sales in the US climbing 3% to $798 million in the quarter.

“Teva’s leadership and board of directors remain committed to executing on our strategy and diligently implementing changes which we believe will ensure the growth of our business, ” Desheh said today, adding, “During the quarter we had six successful generic product launches in the US alone, and are pleased that our generic business continues to benefit from a long-term, sustainable and profitable growth. We are also satisfied with the performance of our Global Specialty Medicines business and OTC joint venture.”

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