Teva Pharmaceutical Shares Plunge After Quarterly Loss and 2018 Outlook Warning
2018年2月9日 - 4:24AM
Dow Jones News
By Rory Jones
Israel's Teva Pharmaceutical Industries Ltd. on Thursday said it
took a $17 billion charge against the value of its U.S. generics
business and posted a $11.6 billion fourth-quarter loss, capping a
tumultuous 2017 that saw a management and boardroom shake-up.
While the world's biggest generic drugmaker has struggled for
months, the magnitude of the loss and a warning from Chief
Executive Kare Schultz that 2018 could prove just as difficult sent
the firm's shares reeling.
Teva said its experimental migraine drug, fremanezumab, may not
get approved as early as expected, a setback as the firm had been
counting on the drug to boost sales.
Teva's American depositary receipts fell about 10% in New York
trading on Thursday.
Teva has been hit hard by declining generics prices in the U.S.
and increased competition for its blockbuster multiple-sclerosis
drug Copaxone at a time when an acquisition spree saddled the
company with debt.
"Starting 2018 we are focused on meeting our financial
obligations and ensuring a much more solid and sustainable business
model going forward, " Mr. Schultz, who joined the company in
November, said in a statement.
Mr. Schultz has quickly attempted to restructure Teva and cheer
investors after the firm faced months of declining revenues and a
falling share price last year. The chief executive in December said
Teva would cut more than 25% of its workforce, or about 14,000
employees around the world, closing factories and research centers
to cut costs and pare debt.
The two-year restructuring plan would cut $3 billion in costs by
the end of 2019, the company said. Mr. Schultz also has shuffled
Teva's leadership ranks and said he would combine its generic and
specialty businesses to cut costs.
Investors had called for major changes to Teva's sprawling
operations to better cope with the turbulent U.S. generics market
and the loss of revenue from Copaxone. One in seven prescriptions
in the U.S. is a Teva drug.
But Thursday's poor results and negative outlook indicate Teva
has a long road back to recovery. The company said it expects 2018
revenue to be between $18.3 billion and $18.8 billion, below
analyst expectations, while non-GAAP earnings per share are
expected to be between $2.25 and $2.50.
Teva said it recorded goodwill impairments of $17.1 billion in
2017, mainly related to its U.S. generics unit. In the fourth
quarter, the impairment charge was $11 billion.
For the fourth quarter, Teva reported a net loss of $11.6
billion, or a loss of $11.41 a share. In the year-earlier period,
the company had a net loss of $1.04 billion. Revenue for the fourth
quarter decreased 16% to $5.46 billion.
The company also said that it wouldn't be paying annual bonuses
for 2017.
In a sign of the fierce contest in the U.S. market around
prices, Mr. Schultz announced that Teva would stop providing
pricing commentary so as to avoid a competitive disadvantage.
Teva also said it had outsourced manufacturing of drug
fremanezumab's main ingredient to South Korea-based Celltrion Inc.,
which had received a warning letter from the Food and Drug
Administration about manufacturing quality. Analysts said the
letter means the drug's approval is probably delayed until the
manufacturing issues are resolved.
Umer Raffat, an analyst with Everecore ISI, said the update
could allow Teva to better manage investor expectations and offer
positive results in the future.
"My takeaway is that Teva [management] is leaving a healthy room
in there for surprising to the upside," he said in an analyst
note.
(END) Dow Jones Newswires
February 08, 2018 14:09 ET (19:09 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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