Teva Pharma Posts Lower Q4 Earnings, FY23 Outlook Within Expectations

  • Teva Pharmaceutical Industries Ltd's TEVA Q4 sales reached $3.88 billion, shrinking 5% Y/Y, missing the consensus of $3.93 billion. 
  • The decrease is mainly due to lower revenues from generic products and certain respiratory products in North America segment as well as Copaxone, offset by higher revenues from Anda, generic products in the Europe segment, Austedo, and Ajovy.
  • Related: Catalyst Pharma Shares Take A Hit As Teva Files For Generic Version Of Its Lead Product.
  • Adjusted gross margin was 54.2% compared to 56.1% a year ago, resulting mainly from an increase in revenues with lower profitability from Anda in the North America segment, partially offset by higher revenues from Austedo in North America segment and a favorable mix of generic products in Europe segment.
  • Adjusted operating margin reached 29.1% from 30.4% a year ago.
  • Adjusted EBITDA declined 10% to $1.24 billion.
  • Adjusted EPS of $0.71 came in line with the Wall Street estimate, down from $0.77 a year ago.
  • Outlook: Teva anticipates FY23 sales of $14.8 – 15.4 billion compared to the consensus of $15.23 billion. The company anticipates adjusted EPS of $2.25-$2.55 versus the consensus of $2.52.
  • Copaxone sales are anticipated to be $500 million.
  • Price Action: TEVA shares are down 6.01% at $10.23 on the last check Wednesday.
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