Teva Falls in Pre-Market Following Low-Profit Forecasts for 2019
The drugmaker forecasts revenues of $17 billion to 17.4 billion for 2019, much lower than analyst expectations
Teva Pharmaceutical Industries Ltd. is down by as much as 12.29% on NYSE pre-market trading, after publishing its fourth quarter and annual report for 2018 Wednesday, and forecasting revenues of $17 billion to 17.4 billion for 2019, much lower than analyst expectations. Non-GAAP earnings per share for 2019 are expected to be $2.20-$2.50, Teva announced, lower than earlier analyst forecasts of $2.79, and its non-GAAP free cash flow for the year is expected to be $1.6 billion to $2 billion, compared to $3.7 billion in 2018.
Teva reported revenues of $4.6 billion for the fourth quarter of 2018, higher than the consensus estimate of $4.53 billion. The non-GAAP EPS estimate was $0.55, with Teva reporting $0.53.
For the full year, Teva reported GAAP gross profit of $8.29, a 22% decrease compared to 2017. Revenues dropped 16% year-over-year to $18.85 billion, still above forecasts of $18.3 billion, but non-GAAP EPS was $2.92, under the forecasts of $2.94.