Shares of Teva Pharmaceutical Industries Ltd.
TEVA,
gained 2.7% in premarket trading on Wednesday after the drugmaker beat expectations for revenue and adjusted earnings per share in the final quarter of 2020. Teva had a loss of $150 million, or 14 cents per share, in the fourth quarter of 2020, compared with a loss of $110 million, or 10 cents per share, in the same quarter a year ago. It had adjusted earnings per share of 68 cents, against a FactSet consensus of 64 cents per share. Teva’s revenue was $4.45 billion for the quarter, compared with $4.47 billion in the fourth quarter of 2019. The FactSet consensus was $4.43 billion. Its North American generic drugs business saw sales of $1.2 billion in the fourth quarter of 2020, down from $1.1 billion in the same quarter in 2019. Teva said it expects to bring in revenues of $16.4 billion to $16.8 billion in 2021 and gave guidance for EPS for $2.50 to $2.70 for the year. Teva has been in turnaround mode under the leadership of Teva CEO Kåre Schultz. “We remain on track to repay our debt and achieve our long-term financial targets,” he said in a news release on Wednesday. The company’s short-term debt was $3.2 billion as of Deb. 31, up from $2.3 billion as of Deb. 31, 2019. Teva’s stock has gained 8.2% over the past 12 months, while the broader S&P 500
SPX,
is up 17.5%.
