Teva Reports Higher-Than-Expected Q2 Revenue but Misses Profit Estimates
Teva Pharmaceutical Industries released its financial results for the second quarter, reporting revenues of $4.1 billion, slightly above analysts' expectations of just over $4 billion. However, the company posted a Non-GAAP net profit of 2 cents per share, falling short of the anticipated 11 cents per share. For the full year, Teva projects revenues between $16.4 billion and $16.8 billion, adjusted EBITDA of $4.23 billion to $4.53 billion, and Non-GAAP net earnings of $1.91 to $2.11 per share.
Recent developments at Teva include the completion of its acquisition of Emalex, a company developing a treatment for Tourette syndrome, marking Teva's first acquisition in a decade. Additionally, Teva received an upgrade to investment-grade credit rating for the first time in ten years and announced positive clinical trial results for a vitiligo treatment earlier this month. On the downside, after failing to sell its raw materials division TAPI, Teva announced plans to gradually lay off 250 employees in Israel.
Teva's stock has declined by 12.9% since its May peak and is currently valued at $36.9 billion on the New York and Tel Aviv stock exchanges.
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