Israel-based Teva Pharmaceutical Industries Limited (TEVA - Free Report) is a global pharmaceutical company with a strong presence in the generics as well as branded markets. Teva’s main branded products include Copaxone (multiple sclerosis) and Azilect (Parkinson’s disease). Besides this, Teva’s branded product portfolio consists of respiratory products like ProAir, a short-acting beta-agonist for the treatment of bronchial spasms and exercise-induced bronchospasm, and Qvar, an inhaled corticosteroid for long-term control of chronic bronchial asthma.
Moreover, the company has several candidates in its pipeline. Earlier this week, Teva completed its acquisition of Allergan’s generics business (Actavis Generics). The company also acquired Allergan’s Anda Inc., the 4th largest distributor of generic pharmaceuticals in the U.S., for $500 million in Oct 2016.
Teva’s earnings track record has been good with the company delivering positive earnings surprises in each of the last four quarters with an average surprise of 3.75%.
Currently, TEVA has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: TEVA’s third quarter earnings came in at $1.28 per share, beating consensus estimates of $1.27.
Revenues: Teva posted revenues of $5.6 billion, missing consensus estimates of $6 billion.
Key Stats: Currency fluctuations cut third quarter revenues by about $188 million. Lead branded product, Copaxone, posted worldwide sales of $1.1 billion, down 2%.
2016 Outlook: Teva has lowered its guidance for 2016. The company now expects revenues in the range of $21.6-$21.9 billion (previous guidance: $22.0-22.5 billion) and earnings in the range of $5.10-$5.20 (previously: $5.20-5.40) per share. The Zacks Consensus Estimate for 2016 revenue and earnings are $22.31 billion and $5.17 per share and, respectively.
Check back later for our full write up on this TEVA earnings report later!
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