Teva misses on both profit and revenue in Q3

Kare Schultz  / Photo: Kadia Levy

The Israeli pharmaceutical company's share price is down sharply after earnings per share were $0.06 below the analysts' expectations.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today reported its financial results for the third quarter of 2021, which was below the analysts' consensus on both revenue and profit.

Revenue in the third quarter of 2021 was $3.887 billion, down 2%, or 3% in local currency terms, compared with the third quarter of 2020. The analysts had predicted slightly above $4 billion.

Teva said that this decrease was mainly due to lower revenue in North America, mainly due to Copaxone and generic products, partially offset by higher revenue from generic and OTC products in in Europe - Ajovy and Austedo.

Non-GAAP net profit in the third quarter of 2021 was $651 million (earnings per share of $0.59) up from $637 million ($0.58 per share) in the third quarter of 2020. The analysts had expected earnings per share of $0.65.

Teva president and CEO Kåre Schultz said, "I am very happy with our solid performance in the third quarter of 2021, especially our strong cash flow and continued momentum with key brands. Our results were driven by robust performance of Ajovy in the US, Europe and Japan as well as US sales of Austedo, our novel therapy for the treatment of patients with Huntington’s disease and tardive dyskinesia. We are also very enthusiastic about expanding our pipeline with additional movement disorder products in clinical development for multiple system atrophy (MSA) and Parkinson’s disease, through the strategic collaboration announced yesterday with MODAG GmbH."

Teva's share price fell 4.7% on the Tel Aviv Stock Exchange publication of its results this afternoon. The share price fell 7.21% on the NYSE yesterday to $9.39, giving a market cap of $10.758 billion.

Published by Globes, Israel business news - en.globes.co.il - on October 27, 2021.

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

Kare Schultz  / Photo: Kadia Levy
Kare Schultz / Photo: Kadia Levy
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018