Teva Rises On Improved Quarterly Results, Outlook
Shares of Teva Pharmaceutical Industries Limited (TEVA) are rising more than 13% Wednesday morning after reporting second quarter results above analyst’ view. The company also raised its full-year revenue outlook.
Excluding one-time items, the company reported earnings of $629 million or $0.56 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.52 per share.
Net loss in the second quarter was $863 million or $0.77 per share, wider than $232 million or $0.21 per share last year, mainly due to lower tax benefit.
Revenues in the quarter were $3.878 billion, an increase of 2% from the previous-year quarter. The consensus estimate was for $3.71 billion.
For the full year, Teva now expects revenue in the range of $15.0 billion-$15.4 billion, up from the previous outlook of $14.8 billion-$15.4 billion.
Adjusted EPS for the year is expected between $2.25 and $2.55.
Analysts expect the company to report earnings of $2.27 per share on revenue of $15.02 billion for the period.
TEVA is at $9.40 currently. It has traded in the range of $7.09 – $11.45 in the last 1 year.
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