Teva cuts 2021 revenue guidance

Kare Schultz  / Photo: Kadia Levy

Teva CEO: We improved profitability and free cash flow generation in the second quarter, allowing us to reduce our net debt by an additional $500 million.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today reported its financial results for the second quarter of 2021, missing on revenue and cutting guidance.

Teva's revenue for the second quarter of 2021 was $3.90 billion, below the analyst's predictions of $4.04 billon.

However, Teva met the analysts' expectations on profit. GAAP net profit was $207 million ($0.19 per share), in the second quarter of 2021, compared with $140 million ($0.13 per share) in the second quarter of 2020. Non-GAAP net profit was $651 million ($0.59 per share) compared with $605 million ($0.55 per share) in the second quarter of 2020.

Teva president and CEO Kåre Schultz said, "We have performed well in the second quarter, improving our profitability and free cash flow generation. This allowed us to reduce our net debt by an additional $500 million to $22.7 billion, once again demonstrating our commitment to and confidence in our long-term goals. Among our growth drivers, AUSTEDO sales increased compared to the second quarter of last year, AJOVY net sales have grown to $70 million worldwide, and our biosimilar Truxima® continues to increase its U.S. market share, reaching 25%."

He added, "Throughout the pandemic we remain committed to serving patients, maintaining our operations and delivering quality affordable medicines. Due to the effects of the pandemic, we have lowered our 2021 revenue outlook, while reaffirming our earnings and cash flow guidance."

Teva cut its net revenue forecast for 2021 to the $16.0 - $16.4 billion range from $16.4 - $16.8 billion.

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

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

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