The Israeli pharmaceutical giant
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Which is also traded on Wall Street (NYSE: TEVA) surpasses analysts’ expectations for the second quarter of 2020.
Teva’s revenues in the second quarter of 2020 amounted to $ 3.9 billion, compared to revenues of about $ 4.34 billion in the corresponding quarter last year. Analysts expected revenue of about $ 3.93 billion.
On the bottom line, Teva reports adjusted earnings (Non-GAAP) of 55 cents per share, compared to earnings of 60 cents per share in the corresponding quarter last year. Analysts had expected adjusted earnings of 53 cents a share.
Forecasts for 2020
For the year 2020 as a whole, Teva confirms its forecasts, with expected revenues in the range of $ 16.6-17 billion, EBITDA in the range of $ 4.5-4.9 billion and earnings per share in the range of $ 2.3-2.55. Free cash flow (FCF) is expected to be in the range of $ 1.8-2.2 billion.
Revenue Segmentation – Revenue from Ostedo and Copaxone is well above expectations
Generic unit revenue totaled about $ 923 million, slightly above analysts’ revenue expectations of $ 918 million. Ajobi sales were in line with forecasts – $ 34 million. Ousto sales totaled $ 161 million – well above expectations for sales of $ 135 million, and in Copaxone sales were well above expectations and totaled $ 238 million, compared to expectations for sales of $ 178 million.
Cash flow from operating activities for the quarter amounted to $ 273 million, compared with $ 227 million for the corresponding quarter.
The amount of net financial debt amounted to about $ 23.9 billion. Gross debt amounted to approximately $ 26.3 billion, compared to approximately $ 26.1 billion at the end of the first quarter.
Carr Schultz, President and CEO of Teva: “As the Corona virus continues to have an impact on the world, Teva remains focused on our patients and the communities we serve while continuing to keep our employees safe. Over the past quarter we have seen lower generic and over-the-counter sales in all regions. Low sales in Europe and international markets One of the expectations, after the unusually high demand in the previous quarter, was the initial response to the outbreak of the epidemic. However, our performance in the first half of the year stood and even exceeded the corresponding period last year. Our profitability, and especially free cash flow, was strong We must continue to reduce net debt to $ 23.9 billion and approve the annual forecast for 2020. “
Schultz went on to say, “During the quarter we made progress with most of our growth engines, including the launch of the AJOVY auto syringe in the US, the continued launch of AJOVY in Europe, the launch of the US biosimilar drug TRUXIMA for rheumatoid arthritis, and the approval of AUSTEDO in addition. , We recently announced the launch of ProAir DigiHaler in the US and an application for the production and marketing of AJOVY in Japan. Looking ahead to the second half of 2020, we continue to be committed to serving the world and our stakeholders with vital and affordable drugs and ensuring that Teva meets its goals. ”
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