Teva stock falls after revenue falls below expectations, full-year profit outlook misses

4 months ago 98
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Shares of Teva Pharmaceutical Industries Ltd. TEVA, -2.01% shed 1.2% in premarket trading Wednesday, after the Israel-based generic drug maker reported fourth-quarter profit that topped expectations but revenue that missed, as COVID-19 continued to impact patient behavior and prescribing patterns. Teva swung to a net loss of $159 million, or 14 cents a share, from net income of $150 million, or 14 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 77 cents topped the FactSet consensus of 73 cents. Revenue fell 7.9% to $4.10 billion, but missed the FactSet consensus of $4.28 billion, as generic product revenue in North America and Copaxone offset higher revenue from Austedo and Ajovy. For 2022, Teva expects adjusted EPS of $2.40 to $2.60, below the FactSet consensus of $2.67, and revenue of $15.6 billion to $16.2 billion, compared with expectations of $16.1 billion. The stock has dropped 10.9% over the past three months through Tuesday, while the S&P 500 SPX, +0.84% has declined 3.5%.

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