Teva Pharmaceuticals (NYSE:TEVA) shares ticked up this morning on fourth-quarter results that topped the consensus EPS forecast.
The Tel Aviv, Israel–based company posted losses of $159 million, or 14¢ per share, on sales of $4.1 billion for the three months ended Dec. 31, 2021, for a bottom-line slide into the red on a sales decline of 7.9%.
Adjusted to exclude one-time items, earnings per share were 77¢, 4¢ ahead of Wall Street, where analysts were looking for sales of $4.3 billion.
“In 2021 Teva delivered solid results, generating strong cash flow and improving our profitability,” Teva President and CEO Kåre Schultz said in a news release. “While COVID-19 continued to impact patient behavior and global prescribing patterns, we continued to optimize our supply chain and manufacturing capabilities to provide essential medicines to the millions of patients who rely on us throughout the world. We improved our gross and operating margin and reduced our net debt, keeping us on our path to achieve our 2023 long-term goals.”
Teva said it expects to log adjusted EPS of between $2.40 and $2.60 and set its sales guidance for between $15.6 billion and $16.2 billion.
TEVA shares were up 8% at $8.95 just after the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.8%.
