Teva beat expectations with strong Q4 results

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today announced better results for the fourth quarter of 2020 and 2020 than analysts expected. Non-GAAP earnings per share of $ 0.68 in the fourth quarter were higher than analysts’ expectations of $ 0.63. 2020 non-GAAP earnings per share of $ 2.57 were higher than analysts’ forecasts of $ 2.51. Teva predicts 2021 revenues of between $ 16.4 billion and $ 16.8 billion, which is not a significant growth if any higher than 2020 revenue of $ 16.659 billion, which was 1% lower than in 2019. As of December 31, 2020, Teva’s debt was 25.919. $ 1 billion, compared to $ 26.908 billion as of December 31, 2019. Revenue for the fourth quarter of 2020 was $ 4.454 billion, which is flat compared to the fourth quarter of 2019, and slightly above analyst expectations. The company recorded lower revenues than its distribution business in Anda in the US, Copaxone and some oncology products offset by higher revenues from its generic drug business in the US, Ostido and Agove. Revenue in North America and Europe has seen some volume declines due to less doctor and hospital activity during the Covid-19 pandemic, but the North American sector has also seen increases in demand for specific products to treat Covid-19 and its symptoms. In the fourth quarter of 2020, North American sales of Ovi’s migraine treatment jumped 42% to $ 36 million, and Austido sales of Huntington’s treatment increased 36% to $ 185 million. But North American sales of the multiple sclerosis drug Copaxone were down 19%, to $ 213 million. GAAP fourth-quarter net profit was $ 150 million ($ 0.14 per share) compared to GAAP net profit of $ 110 million ($ 0.10 per share) in the corresponding quarter of 2019. Net profit was non-GAAP compliant for the quarter Last in 2020, $ 603 million ($ 0.68 per share), well above analysts’ estimates of $ 0.63 per share. Teva has reiterated its forecast for the full year of 2020 for non-GAAP earnings of between $ 2.30 and $ 2.55 and revenues of between $ 16.6 and $ 17 billion. Analysts expect earnings per share of $ 2.50 and $ 16.8 billion. Teva Kåre Schultz, President and CEO, said: “In 2020, Teva continued to provide essential medicines to millions of patients worldwide daily, and despite the challenges of the Covid-19 pandemic, we have seen minimal impact on the supply chain, R&D programs, and product launches. After the strong performance in the last quarter of the year, we were able to fulfill all components of our financial directives for 2020. ” RELATED MATERIALS IBI sees 50% rise in Teva company In preparation for the distribution of the Covid-19 vaccine in Israel, the European Union is imposing fines on Teva ?? 60.5 million for “pay for late”. Teva cancels $ 4.6 billion due to litigation uncertainty. Promising results and milestones, including the continued growth of Austedo and our pioneer of biosimilars Truxima, as Ajovy’s sales continued to improve following the launch of the autoinjector. Our overall performance was boosted by the successful launch of generic versions of HIV-1 treatments Truvada and Atripla tablets in the United States. We have also taken steps to enhance our biopharmaceutical pipeline, through a biosimilar marketing agreement, and are working to develop other pipeline assets, including the recently reported positive results from a Phase 3 trial of risperidone extended-release injection for injection in schizophrenia patients. ” Teva rose 1.5% in 2020 but before today is up 30% since the start of 2021. Despite the strong results, the share price fell 8.5% in morning trading on the Nasdaq Stock Exchange, giving the company a market capitalization of $ 13.05 billion. By Globes, Israel business news – en.globes.co.il – on February 10, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021