Teva beats analysts on Q1 profit, misses on revenue

Kare Schultz  / Photo: Kadia Levy

The Israeli pharmaceutical company has reaffirmed its 2021 guidance and said that debt has been reduced to $23.2 billion.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has reported $4 billion revenue for the first quarter of 2021, less than the analysts' forecast,GAAP net profit of $77 million ($0.07 per share) and non-GAAP net profit of $699 million ($0.63), compared with the analysts' forecast of $0.59 per share.

Teva reaffirmed its 2021 guidance.

Teva president and CEO Kåre Schultz said, "As the Covid-19 pandemic continues to impact the world and our industry, our employees continue to work together to meet the needs of our customers and patients, all while we remain focused on our long-term goals and laying the foundation for future growth."

He added, "We have improved our profitability and reduced our net debt to $23.2 billion. We have also seen solid performance from our key growth drivers: the biosimilar Truxima increased its market share to 26%, Austedo continued its year-over-year growth, and Ajovy solidified its market share in the US and continues to expand in Europe. Based on our results and expectations for the remainder of the year, we are reaffirming our guidance."

Revenue in the first quarter of 2021 was $3.982 billion, down 9% or 10% in local currency terms, compared with the first quarter of 2020. This decrease was mainly due to lower revenue from generic, OTC and respiratory products and from Copaxone in Europe, lower revenue from Anda, Copaxone and Bendeka/Treanda in North America, lower revenue from Japan resulting from the divestment of a majority of the generic and operational assets of Teva's Japanese business venture, as well as regulatory price reductions and generic competition to off-patented products in Japan. This was partially offset by higher revenue from generic products and Austedo in North America. Revenue was also affected by changes in demand for certain products resulting from the impact of the Covid-19 pandemic.

Published by Globes, Israel business news - en.globes.co.il - on April 28, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Kare Schultz  / Photo: Kadia Levy
Kare Schultz / Photo: Kadia Levy
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