Teva Pharma (TEVA) Tops Q4 EPS by 5c, Revenues Beat; Offers FY21 EPS/Revenue Guidance

Teva Pharma (NYSE: TEVA) reported Q4 EPS of $0.68, $0.05 better than the analyst estimate of $0.63. Revenue for the quarter came in at $4.5 billion versus the consensus estimate of $4.37 billion.

GUIDANCE:

Teva Pharma sees FY2021 EPS of $2.50-$2.70, versus the consensus of $2.63. Teva Pharma sees FY2021 revenue of $16.4-16.8 billion, versus the consensus of $16.76 billion.

2021 business outlook:

• Revenues are expected to be $16.4 - $16.8 billion (2020 actual results include ~$240 million in revenues from generic products in Japan divested on February 1, 2021, along with a manufacturing site)
• Non-GAAP EPS is expected to be $2.50 - $2.70
• Free cash flow is expected to be $2.0 - $2.3 billion

"In 2020, Teva continued to provide essential medicines to millions of patients around the world every day, and despite the COVID-19 pandemic challenges, we saw minimal impact on our supply chain, R&D programs and product launches. Following a strong fourth quarter performance, we have met all components of our 2020 financial guidance," said Mr. Kåre Schultz, Teva’s President and CEO.

"Our key growth drivers delivered promising results and milestones, including the continued growth of AUSTEDO® and our leading biosimilar TRUXIMA®, as AJOVY® sales continued to improve following the launch of the auto-injector. Our generic performance was boosted by the successful launch of the generic versions of HIV-1 treatments Truvada® and Atripla® tablets in the U.S. We have also taken steps to strengthen our biopharmaceutical pipeline, with a biosimilar commercialization agreement, and are advancing other pipeline assets, including the recently announced positive results from the phase 3 trial of risperidone extended-release injectable for patients with schizophrenia."

Mr. Schultz continued, “Looking ahead, we will continue to optimize our manufacturing network, portfolio and pipeline, improve our profitability and generate cash, as we remain on track to repay our debt and achieve our long-term financial targets."

For earnings history and earnings-related data on Teva Pharma (TEVA) click here.

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