Teva falls short on Q3 profit, slashes 2017 estimates again


FILE PHOTO: A building belonging to Teva Pharmaceutical Industries, the world's biggest generic drugmaker and Israel's largest company, is seen in Jerusalem February 8, 2017. REUTERS/Ronen Zvulun
FILE
PHOTO: A constructing belonging to Teva Pharmaceutical Industries,
the world’s greatest generic drugmaker and Israel’s largest
firm, is seen in Jerusalem

Thomson
Reuters


JERUSALEM (Reuters) – Debt-ridden Israeli drugmaker Teva
Pharmaceutical Industries reported decrease than anticipated revenue in
the third quarter and sharply lowered its 2017 estimates, because the
firm continues to be harm by weak U.S. generic medication gross sales.

Teva, the world’s largest generics drugmaker, stated on Thursday it
earned $1.00 per share excluding one-time gadgets within the
July-September interval, versus $1.31 a yr earlier. Revenue rose
1 % to $5.6 billion.

Analysts had forecast Teva would earn $1.02 ex-items on income
of $5.6 billion, based on Thomson Reuters I/B/E/S.

Generic drug gross sales fell to $Three.01 billion from $Three.26 billion,
whereas revenue slid to $619 million from $982 million a yr in the past.

Sales of its branded a number of sclerosis drug Copaxone, which
began to face generic competitors in October, slipped 7 %
to $987 million.

Teva expects 2017 income of $22.2-$22.Three billion, down from a
earlier $22.Eight-$23.2 billion, and EPS ex-items of $Three.77-$Three.87,
down from $four.30-$four.50. Analysts had been anticipating EPS of $four.19
on income of $22.6 billion.

That implies fourth-quarter income of $5.Three-$5.four billion and
adjusted EPS of 70 to 80 cents.

Teva stated it will pay a quarterly dividend of Eight.5 cents a share,
the identical because the second quarter when it lowered its payout by 75
%.

(Reporting by Steven Scheer; Editing by Tova Cohen)


Source hyperlink

Leave a Reply