Teva 3Q Sales Fell 19%
2018年11月1日 - 9:16PM
Dow Jones News
By Donato Paolo Mancini
Teva Pharmaceutical Industries Ltd. (TEVA.TV), the world's
largest generics manufacturer, on Thursday posted a 19% slump in
sales and a net loss for the third quarter, but raised its
full-year sales guidance.
Sales were $4.53 billion compared with $5.62 billion in the
previous year. Despite the decline, sales beat a FactSet-compiled
consensus estimate of $4.43 billion
GAAP net loss attributable to Teva's ordinary shareholders was
$273 million, down from a profit of $530 million. Net loss
attributable to Teva was $208 million, down from a profit of $595
million. The company attributed the decline in sales to generic
competition faced by multiple sclerosis treatment Copaxone and
price erosion in its U.S. generics business, among other
factors.
Teva's guidance for full-year sales edged up to $18.6
billion-$19.0 billion from $18.5 billion-$19 billion.
North American sales of its former blockbuster Copaxone, which
makes up about half of its generics sales in the region, decreased
43% to $463 million, Teva said.
Teva said in September that it had received U.S. Food and Drug
Administration approval for its migraine drug Ajovy after a
relative delay, which led to a rally in the company's stock. The
move was seen as a big win for recently appointed Chief Executive
Kare Schultz.
But doubt lingers, Wells Fargo analysts said in a research note
last week, as Express Scripts decided not to cover the drug.
Mr. Schultz said Teva's deleveraging was proceeding on schedule,
and that the company is on track to achieve a cost reduction of $3
billion by the end of 2019.
Write to Donato Paolo Mancini at
donatopaolo.mancini@dowjones.com; @donatopmancini
(END) Dow Jones Newswires
November 01, 2018 08:01 ET (12:01 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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