Teva meets profit expectations but misses on revenue

Kare Schultz  credit: Shlomi Yosef
Kare Schultz credit: Shlomi Yosef

The Israeli pharmaceutical company has cut 2022 revenue guidance.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today reported $3.7 billion revenue for the first quarter of 2022, down 8% from the corresponding quarter of 2021, and slightly below the analysts' consensus of $3.75 billion. Non-GAAP earnings per share was $0.55, meeting the analysts' forecast.

Teva cut its 2022 revenue forecast from $15.6-16.2 billion to $15.4-16 billion and its Copaxone sales forecast from $850 million to $750 million.

In response, Teva's share price is down 2.58% in premarket trading on the NYSE.

Teva president and CEO Kare Schultz said, We are pleased to continue resolving opioid-related litigations with recent settlements in Florida and Rhode Island including the provision of lifesaving opioid treatments and recovery medicines for those who need them."

He continued: "While easing of Covid-19 related restrictions has led to positive momentum in our European business, we are seeing fluctuations of foreign exchange rates, and have therefore lowered our 2022 revenue outlook, while reaffirming our earnings and cash flow guidance."

Published by Globes, Israel business news - - on May 3, 2022.

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

Kare Schultz  credit: Shlomi Yosef
Kare Schultz credit: Shlomi Yosef
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018