Teva Pharmaceutical Industries Ltd.'s shares (TEVA.TV) slid 2.5% in premarket trade Wednesday, after the Israeli generics maker missed revenue estimates for the second quarter and lowered guidance, citing the continued impact of the pandemic. Teva posted net income of $207 million, or 19 cents a share, in the quarter, up from $140 million, or 13 cents a share, in the year-earlier period. Adjusted per-share earnings came to 59 cents, matching the FactSet consensus. Revenue rose to $3.910 billion from $3.870 billion, just below the $4.021 billion FactSet consensus. Chief Executive Kare Schultz said revenue was hurt by a decline in the North America segment, mainly related to COPAXONE(R) and Anda, which was partially offset by positive foreign currency impacts as well as higher revenues from generic products, OTC, AJOVY and COPAXONE in the Europe segment. "Revenues were also affected by changes in demand for certain products resulting from the impact of the COVID-19 pandemic," the executive said in a statement. Teva lowered its full-year guidance to reflect the continued challenge of the pandemic and is now expecting revenue to range from $16.0 billion to $16.4 billion, compared with earlier guidance of $16.4 billion to $16.8 billion. It expects EPS of $2.50 to $2.70. The FactSet consensus is for EPS of $2.62 and revenue of $16.520 billion. Shares have fallen 8% in the year to date, while the S&P 500 has gained 17%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
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