Teva Pharmaceuticals (NYSE:TEVA) shares took a hit this morning on second-quarter revenues that missed the consensus forecast.
The Tel Aviv, Israel-based company posted profits of $207 million, or 19¢ per share, on sales of $3.9 billion for the three months ended June 30, 2021, for a 47.9% bottom-line gain on sales growth of 1%.
Adjusted to exclude one-time items, earnings per share were 59¢, equal to projections on Wall Street, where analysts were looking for sales of $4 billion.
“We have performed well in the second quarter, improving our profitability and free cash flow generation,” Teva president & CEO Kåre Schultz said in a news release. “This allowed us to reduce our net debt by an additional $500 million to $22.7 billion, once again demonstrating our commitment to and confidence in our long-term goals. Among our growth drivers, Austedo sales increased compared to the second quarter of last year, Ajovi net sales have grown to $70 million worldwide, and our biosimilar Truxima continues to increase its U.S. market share, reaching 25%.
“Throughout the pandemic we remain committed to serving patients, maintaining our operations and delivering quality affordable medicines. Due to the effects of the pandemic, we have lowered our 2021 revenue outlook, while reaffirming our earnings and cash flow guidance.”
Teva said it now expects to log adjusted EPS of between $2.50 and $2.70 for the year, and updated its prior sales guidance for between $16 billion and $16.4 billion, lowering the expectations from a prior range of $16.4 billion to $16.8 billion.
TEVA shares were down -1.4% at $8.80 per share in pre-market trading.
