Teva Pharmaceutical (TEVA) announced its financial results on Thursday reporting low third-quarter sales and the company reduce its full-year revenue figures.
Teva reported 58 cents per share income for the quarter ended September 30, 2020, which is in line with the analyst’s estimates. The earing remains flat over the year. The company sales declined by 2.8% and the company earned $3.98 billion in sales, which is way behind than the $4.06 billion estimates. After the announcement, Teva stock floored 6.5% to 8.61.
The sales of generic products climbed 2% to $928 million in North America, but generic product sales declined in Europe and international markets1% and 10% respectively year over year.
The revenue from the sales of Copaxone declined in all three geographies and it was declined most in the North America where it dipped to 13% to $236 million which is still $26 million higher than the analyst’s forecast.
But that beat forecasts by $26 million, SVB Leerink analyst Ami Fadia said in a note to clients. She retained her market perform rating on Teva stock.
Copaxone is facing tough competition due to generic copies but Teva said that Copaxone has ‘stabilized’ in the U.S.
Teva revised its sales figure for the year. Now Teva is looking to earn16.5 billion to $16.8 billion in sales, which is $150 million lower than previous guidance at the midpoint. Also, the earning per share has been revised and Teva expecting $2.40-$2.55 earnings per share whereas analysts’ estimates are $16.65 billion in sales and $2.48 per share.