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Teva (TEVA) Q2 Earnings and Sales Miss, Shares Down
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Israel-based Teva Pharmaceutical Industries Ltd. (TEVA - Free Report) is a global pharmaceutical company with a strong presence in the generics as well as branded markets. The company’s branded products include Copaxone (multiple sclerosis - MS), Azilect (Parkinson’s disease) and respiratory products like ProAir and Qvar. Moreover, the company has several candidates in its pipeline, which are in different stages of development for the treatment of multiple sclerosis and asthma.
In early Aug 2016, Teva acquired Allergan’s generics business – Actavis Generics and in Oct 2016 it acquired the latter’s Anda Inc., the 4th largest distributor of generic pharmaceuticals in the U.S.
Teva’s earnings have surpassed expectations in three of the last four quarters and met the same in the remaining one, delivering an average positive surprise of 2.24%.
Teva Pharmaceutical Industries Limited Price and EPS Surprise
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings Miss: Teva’s second quarter earnings (including equity compensation expenses), came in at 99 cents per share, which missed the Zacks consensus estimate of $1.06 per share.
Revenues Miss: Teva posted revenues of $5.67 billion, marginally missing consensus estimates of $5.85 billion by 3%. Sales, however, increased 13% year over year, mainly due to the inclusion of Actavis revenues.
Key Statistics: Generic segment sales were $3.08 billion, up 20% year over year while Specialty segment sales were $2.07 billion, down 8.8%.
Lead branded product, multiple sclerosis drug Copaxone, posted worldwide sales of $1.02 billion, down 10% due to lower volumes of the 20 mg formulation which has started facing generic competition.
2017 Outlook Updated: Teva lowered its 2017 sales and earnings outlook. Teva now expects revenues in a range of $22.8 - $23.2 billion as against $23.8–$24.5 billion expected previously. The company expects earnings in a band of $4.30–$4.50 per share in 2017 compared to $4.90–$5.30 per share expected previously.
Share Price Impact: Shares were down more than 8% in pre-market trading.
Check back later for our full write up on this TEVA earnings report later!
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Teva (TEVA) Q2 Earnings and Sales Miss, Shares Down
Israel-based Teva Pharmaceutical Industries Ltd. (TEVA - Free Report) is a global pharmaceutical company with a strong presence in the generics as well as branded markets. The company’s branded products include Copaxone (multiple sclerosis - MS), Azilect (Parkinson’s disease) and respiratory products like ProAir and Qvar. Moreover, the company has several candidates in its pipeline, which are in different stages of development for the treatment of multiple sclerosis and asthma.
In early Aug 2016, Teva acquired Allergan’s generics business – Actavis Generics and in Oct 2016 it acquired the latter’s Anda Inc., the 4th largest distributor of generic pharmaceuticals in the U.S.
Teva’s earnings have surpassed expectations in three of the last four quarters and met the same in the remaining one, delivering an average positive surprise of 2.24%.
Teva Pharmaceutical Industries Limited Price and EPS Surprise
Teva Pharmaceutical Industries Limited Price and EPS Surprise | Teva Pharmaceutical Industries Limited Quote
Currently, TEVA has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings Miss: Teva’s second quarter earnings (including equity compensation expenses), came in at 99 cents per share, which missed the Zacks consensus estimate of $1.06 per share.
Revenues Miss: Teva posted revenues of $5.67 billion, marginally missing consensus estimates of $5.85 billion by 3%. Sales, however, increased 13% year over year, mainly due to the inclusion of Actavis revenues.
Key Statistics: Generic segment sales were $3.08 billion, up 20% year over year while Specialty segment sales were $2.07 billion, down 8.8%.
Lead branded product, multiple sclerosis drug Copaxone, posted worldwide sales of $1.02 billion, down 10% due to lower volumes of the 20 mg formulation which has started facing generic competition.
2017 Outlook Updated: Teva lowered its 2017 sales and earnings outlook. Teva now expects revenues in a range of $22.8 - $23.2 billion as against $23.8–$24.5 billion expected previously. The company expects earnings in a band of $4.30–$4.50 per share in 2017 compared to $4.90–$5.30 per share expected previously.
Share Price Impact: Shares were down more than 8% in pre-market trading.
Check back later for our full write up on this TEVA earnings report later!
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>