Teva Pharmaceutical Industries Ltd. (TEVA) saw its stock gain over 6.8% during premarket hours on Thursday after the company surpassed expectations on both revenues and earnings for the third quarter of 2018 and raised its full-year outlook.
Total revenues fell 19% to $4.52 billion from the same period last year, mainly due to generic competition to COPAXONE, price erosion in the US generics business and loss of revenues from the divestment and discontinuation of certain products and activities. Fluctuations in foreign exchange rates also had a negative impact on revenues. Analysts had expected revenues of $4.46 billion.
GAAP net loss attributable to ordinary shareholders was $273 million or $0.27 per share. This compares to an income of $530 million or $0.52 per share in the prior-year quarter. Adjusted net income was $694 million or $0.68 per share. The target for adjusted EPS was $0.54.
Teva saw revenues in its North America segment drop by 26% in the quarter, due to revenue decreases in COPAXONE, ProAir, QVAR and the US generics business, along with loss of revenues from the sale of the women’s health business. Revenues dropped 27% in the US, its largest market.
In Europe, revenues dropped 11%, in local currency terms, mainly due to revenue loss from the closure of the Hungarian distribution business, the sale of the women’s health business and a decrease in COPAXONE revenues.
In the International Markets segment, revenues fell 12%, in local currency terms, due primarily to lower sales in Japan and Russia, the effect of the deconsolidation of the Venezuelan subsidiaries, and the loss of revenues from the sale of the women’s health business.
Despite the decreases in revenue, COPAXONE managed to maintain its market share while AUSTEDO saw a massive year-over-year growth of over 800% in revenues. Teva’s restructuring plan helped achieve cost savings of $1.8 billion in the first nine months of the year and the company is on track to achieve a reduction of $3 billion by the end of 2019, while continuing to pay down debt.
Teva raised its guidance for the full year of 2018 and now expects revenues of $18.6 billion to $19 billion. This compares to the previous outlook of $18.5 billion to $19 billion. The company now expects adjusted EPS to come in the range of $2.80 to $2.95 versus the prior range of $2.55 to $2.80.
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