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Thursday, November 2, 2017

=Teva Pharma (TEVA) reported earnings on Thur 2 Nov 2017 (b/o)



Teva Pharma misses by $0.03, reports revs in-line; guides Q4 EPS below consensus, revs below consensus
  • Reports Q3 (Sep) earnings of $1.00 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $1.03; revenues rose 0.8% year/year to $5.61 bln vs the $5.61 bln Capital IQ Consensus. 
    • Generic medicines revenues in the third quarter of 2017 were $3.0 billion, a decrease of 8% compared to the third quarter of 2016. Generic revenues consisted of: U.S. revenues of $1.2 billion, down 9% compared to the third quarter of 2016, mainly due to challenging market dynamics including pricing declines resulting from customer consolidation into larger buying groups and accelerated FDA approvals for additional generic versions of competing off-patent medicines, partially offset by the inclusion of three months of Actavis Generics revenues in this quarter, compared to two months in the third quarter of 2016.
    • Specialty medicines revenues in the third quarter of 2017 were $2.0 billion, down 1% compared to the third quarter of 2016. U.S. specialty medicines revenues were $1.5 billion, down 4% compared to the third quarter of 2016.
    • Global revenues of Copaxone (20 mg/mL and 40 mg/mL), the leading multiple sclerosis therapy in the U.S. and globally, were $1.0 billion, a decrease of 7% compared to the third quarter of 2016. In October 2017, the FDA approved a generic version of Copaxone 40 mg /mL and an additional generic version of Copaxone 20 mg/mL. A generic version of Copaxone 40 mg /mL was launched in the U.S. market. In the EU, a hybrid version of Copaxone 40 mg/mL was approved. Copaxone revenues in the United States, were $802 million, a decrease of 8% compared to the third quarter of 2016, due to lower volumes of Copaxone 20 mg/mL, negative net pricing effects, mainly as a result of an increase in managed care rebate accruals for inventory in the channel following the FDA approvals for additional generic competition, partially offset by a price increase of 7.9% in January 2017 for both the 20 mg/mL and 40 mg/mL versions.
  • Co issues downside guidance for Q4, sees EPS of $0.70-0.80, excluding non-recurring items, vs. $1.06 Capital IQ Consensus Estimate; sees Q4 revs of $5.3-5.4 bln vs. $5.68 bln Capital IQ Consensus Estimate. 

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