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Thursday, May 2, 2019

=Teva Pharma (TEVA) reported earnings on Thur 2 May 2019 (b/o)

Teva Pharma beats by $0.02, misses on revs; reaffirms FY19 EPS, revs guidance
  • Reports Q1 (Mar) earnings of $0.60 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.58; revenues fell 15.2% year/year to $4.29 bln vs the $4.38 bln S&P Capital IQ Consensus.
    • Revenues decreased 15%, or 12% in local currency terms, compared to the first quarter of 2018, mainly due to generic competition to COPAXONE and a decline in revenues from the co's respiratory products and U.S. generics business.
  • "We faced the expected loss of exclusivities of key products COPAXONE and ProAir to generic competition. Our focus is on stabilizing our global generics business and ensuring the success of our long-term organic growth drivers, especially AJOVY and AUSTEDO. Both products continue to gain momentum since their initial launches and we are making the necessary investments to be able to bring them to markets outside of the U.S. as well as explore additional indications."
  • EBITDA (non-GAAP operating income, which excludes amortization and certain other items, as well as depreciation expenses) was $1,154 million in the first quarter of 2019, a decrease of 27% compared to $1,587 million in the first quarter of 2018.
  • Co reaffirms guidance for FY19, sees EPS of $2.20-2.50, excluding non-recurring items, vs. $2.40 S&P Capital IQ Consensus; sees FY19 revs of $17-17.4 bln vs. $17.31 bln S&P Capital IQ Consensus.

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