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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.

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“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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