Teva beats analysts on Q4 profit, misses on revenue

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

The Israeli pharmaceutical company provided disappointing guidance for 2022, which sees revenue and profit unchanged.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) reported its fourth quarter and full-year 2021 financial results today, in which it beat the analysts' expectations on profit but missed on revenue. The company also provided a disappointing guidance for 2022 with revenue within a range of falling or rising 2% from 2021.

In the fourth quarter of 2021, Teva reported revenue of $4.1 billion, below the analysts' forecast of $4.29 billion. Non-GAAP net profit earning per share was $0.77, above the analysts' expectations of $0.73.

2021 full year revenue was $15.9 billion, below the analysts' forecast of $16.16 billion. Non-GAAP earnings per share was $2.58, beating the analysts' expectations of $2.52.

Teva's revenue guidance for 2022 is $15.6 billion - $16.2 billion and expected non-GAAP earnings per share will be $2.40-$2.60.

Teva president and CEO Kåre Schultz said, "In 2021 Teva delivered solid results, generating strong cash flow and improving our profitability. While COVID-19 continued to impact patient behavior and global prescribing patterns, we continued to optimize our supply chain and manufacturing capabilities to provide essential medicines to the millions of patients who rely on us throughout the world. We improved our gross and operating margin and reduced our net debt, keeping us on our path to achieve our 2023 long-term goals."

He added, "Looking forward to 2022, we expect to see continued growth of our key products AUSTEDO and AJOVY, as well as to continue to advance our core business through the launch of high quality generic medicines around the world. We are also excited about the expected FDA approval and launch of Risperidone LAI, an important treatment for patients suffering from schizophrenia.

Teva has recycled $5 billion in debt by issuing a bond resulting in the rating agencies upgrading the company from negative to stable.

Teva's share price fell by 17% in 2021 but has risen 6% in 2022 so far. The company's share price is 1.57% higher in premarket trading. The share price closed down 2.01% yesterday at $8.29, giving a market cap of $9.144 billion.

Published by Globes, Israel business news - - on February 9, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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