Teva Pharmaceuticals (NYSE:TEVA) shares took a hit today on third-quarter results that fell short of the consensus forecast.
TEVA shares were down -4.7% at $8.95 per share in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.8%.
The Tel Aviv, Israel-based company posted profits of $292 million, or 26¢ per share, on sales of $3.9 billion for the three months ended Sept. 30, 2021, for a massive bottom-line gain from losses of -4.3 billion this time last year on a sales decline of -2.5%.
Adjusted to exclude one-time items, earnings per share were 59¢, 6¢ behind Wall Street, where analysts were looking for sales of $4 billion.
“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,” Teva President & CEO Kåre Schultz said in a news release. “Our results were driven by robust performance of Ajovy in the U.S., Europe and Japan as well as U.S. 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 reaffirmed its outlook with expectations to log adjusted EPS of between $2.50 and $2.70 in 2021. The company projects revenues between $16 billion and $16.4 billion.
In addition to announcing its earnings, Teva confirmed its intent to issue sustainability-linked senior notes worth $4 billion, as well as debt tender notes worth up to $3.5 billion.
