Teva Pharma Earnings: Off the Revenue Analyst Mark
Teva Pharmaceutical Industries Limited (NASDAQ:TEVA) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 1.68%.
Teva Pharmaceutical Industries Limited Earnings Cheat Sheet
Results: Net income decreased -36.76% to $320 million ($1.32 per diluted share) in the quarter versus a net gain of $506 million in the year-earlier quarter.
Revenue: Decreased 7.52% to $5.25 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Teva Pharmaceutical Industries Limited reported adjusted net income of $1.32 per share. By that measure, the company missed the mean analyst estimate of $1.33. It missed the average revenue estimate of $5.26 billion.
Quoting Management: “Our efforts over the past year clearly demonstrate Teva’s ability and commitment to transform the Company. Based on this, we will enter 2013 with a strong and disciplined business focus,” stated Dr. Jeremy Levin, Teva’s President and Chief Executive Officer. “Our generic franchise remains the core of our business. We launched 23 generic products in the U.S. in 2012, and anticipate a similar number of launches in 2013. Our specialty medicines business continues to drive value with strong fundamentals in multiple sclerosis, central nervous system, respiratory, oncology and women’s health. Copaxone® continues to lead the multiple sclerosis market in sales and market share. In March 2013, we plan to submit to the FDA a sNDA for marketing approval of a ’3 times a week’ dose of Copaxone®. Our new R&D organization is showing great progress. Our New Therapeutic Entities pipeline is advancing as expected. At the same time, we are beginning to add external opportunities through our ‘Constellation’ business development program. We have launched our ‘Reshape’ program and are committed to managing our costs while we invest in Teva’s future.”
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