After the turmoil of the ouster of its CEO, Jeremy Levin, yesterday, today Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) presents its third quarter results, reporting non-GAAP earnings per share of $1.27 on revenue of $5.1 billion. The consensus analysts' estimate was earnings per share of $1.26 on revenue of $5 billion.
In a conference call yesterday, acting CEO Eyal Desheh confirmed the company's guidance for the year as a whole: earnings per share of $4.95-5.05 on revenue of $19.7-20.3 billion.
On a GAAP basis, earnings per share in the third quarter of 2013 were $0.84
Sales of generic drugs were flat in the quarter, at $2.5 billion, of which $1.1 billion were in the US (a rise of 6%). In Europe, generic sales fell 1% to $812 million. Despite growing competition, overall Copaxone sales rose 1% to $1.05 billion, with sales in the US climbing 3% to $798 million in the quarter.
“Teva’s leadership and board of directors remain committed to executing on our strategy and diligently implementing changes which we believe will ensure the growth of our business,” Desheh said today, adding, “During the quarter we had six successful generic product launches in the US alone, and are pleased that our generic business continues to benefit from a long-term, sustainable and profitable growth. We are also satisfied with the performance of our Global Specialty Medicines business and OTC joint venture."
Cash flow from operations during the quarter was $444 million, compared with $1.1 billion in the third quarter of 2012, a decrease of 58%. Free cash flow, which excludes net capital expenditures and dividends, was a negative $34 million this quarter, compared with positive free cash flow of $577 million in the third quarter of 2012. The company said that the decrease in cash flow was mainly due to the payments made in connection with litigation settlements. Excluding the effect of these settlements, cash flow from operations and free cash flow were a solid $1.3 billion and $856 million, respectively, in the quarter. Cash and marketable securities at the end of September amounted to $1.4 billion.
Teva's board of directors declared a cash dividend for the third quarter of 2013 of NIS 1.15 per share (approximately $0.326).
Published by Globes [online], Israel business news - www.globes-online.com - on October 31, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013