Teva Pharmaceuticals’ (NYSE: TEVA) first quarter 2020 results beat consensus estimates. The drugmaker reported adjusted earnings of $0.76 per share on revenue of $4.4 billion. Wall Street expected Teva to earn $0.59 per share on revenue of $4.15 billion. TEVA stock surged about 7% in the pre-market trading session.
GAAP net income attributable to ordinary shareholders was $69 million or $0.06 per share in the first quarter of 2020, compared to GAAP net loss of $105 million or $0.10 per share in the first quarter of 2019.
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The Tel Aviv, Israel-based company confirmed its outlook for fiscal 2020. EPS is expected to be between $2.30 and $2.55, while revenue is targeted to be in the range of $16.6 billion to $17 billion for fiscal 2020.