Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) reported a wider loss in the third quarter of 2019 as generic competition hurt Copaxone revenue by 41%. The bottom line missed analysts’ expectations while the top line exceeded consensus estimates.
Net loss was $314 million or $0.29 per share compared to a loss of $273 million or $0.27 per share in the previous year quarter. Adjusted earnings dropped by 15% to $0.58 per share. Analysts had forecast adjusted EPS of $0.59.
Revenue decreased by 6% to $4.26 billion, which came ahead of estimates of $4.23 billion. The top line was hurt by the generic competition to Copaxone as well as revenue declines in Treanda/Bendeka and other specialty products in the US, and decline in revenues in Russia and Japan.
Looking ahead into the full year 2019, the company narrowed its net revenue outlook to the range of $17.2 billion to $17.4 billion from the previous range of $17 billion to $17.4 billion. The earnings guidance is tightened to the range of $2.30 to $2.50 per share from the prior range of $2.20 to $2.50 per share.
Operating income forecast is narrowed to the range of $4 billion to $4.2 billion from the prior range of $3.8 billion to $4.2 billion. The company tightened its EBITDA estimates to the range of $4.5 billion to $4.8 billion from the previous range of $4.4 billion to $4.8 billion and its free cash flow guidance to the range of $1.7 billion to $2 billion from the prior range of $1.6 billion to $2 billion.
Revenue from North America fell by 9% due mainly to lower revenues from Copaxone and certain other specialty products, partially offset by higher revenues from Austedo, Ajovy, and Qvar. Generic product revenues declined by 1% due to new generic product launches.
Europe’s revenues decreased by 4% as competition from glatiramer acetate products dragged Copaxone revenue lower. However, revenues from International Markets segment rose by 1% driven by higher distribution activities in Israel.
In the third quarter of 2019, Teva led the US generics market in total prescriptions and new prescriptions, with about 391 million total prescriptions (based on trailing twelve months), representing 10.6% of total US generic prescriptions according to IQVIA data.
For the third quarter, research and development expenses fell by 23% due to the cost of labor reductions, pipeline optimization, and project terminations. This was partially offset by increased investment in early-stage projects.
Target Corporation (NYSE: TGT) reported fourth-quarter 2020 financial results before the opening bell today. The department store chain reported Q4 revenue of $28.3 billion, up 21% year-over-year and higher than
Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per
Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus