Teva Pharma (NYSE: TEVA) reported Q1 EPS of $0.60, $0.02 better than the analyst estimate of $0.58. Revenue for the quarter came in at $4.3 billion versus the consensus estimate of $4.38 billion.

• Revenues of $4.3 billion
• GAAP diluted loss per share of $0.10
• Non-GAAP diluted EPS of $0.60
• Free cash flow of $360 million
• Spend base reduction of $2.5 billion since initiation of the restructuring plan in 2018; on-track to achieve $3.0 billion by the end of 2019
• Full year 2019 revenues and EPS guidance reaffirmed

Mr. Kåre Schultz, Teva’s President and CEO, said, “The second year of our two-year restructuring program got off to a promising start. We are on track to reduce our total cost base by $3 billion by the end of 2019 and we have achieved a reduction of $2.5 billion to date, while continuing to lower our debt. “

Mr. Schultz continued: “We faced the expected loss of exclusivities of key products COPAXONE® and ProAir® to generic competition. Our focus is on stabilizing our global generics business and ensuring the success of our long-term organic growth drivers, especially AJOVY® and AUSTEDO®. Both products continue to gain momentum since their initial launches and we are making the necessary investments to be able to bring them to markets outside of the U.S. as well as explore additional indications.”

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