Teva Pharm third-quarter profit in line with forecasts, lowers 2020 revenue outlook | Reuters
Israel-based Teva Pharmaceutical Industries TEVA.TA reported quarterly profit in line with expectations but lowered its 2020 revenue forecast on lower demand for some products as fewer people are going to hospitals and doctors during the pandemic.
Shares in the world’s largest drugmaker fell 7% in early New York trade on Thursday as the group also cut its 2020 revenue outlook for its migraine product Ajovy by $50 million to $200 million.
Teva TEVA.N earned 58 cents per diluted share excluding one-time items in the July-September period, unchanged from a year earlier and bang in line with analysts' forecasts.
It revised its 2020 forecast to adjusted EPS of $2.40-$2.55 and revenue of $16.5-$16.8 billion. Its previous outlook was for EPS of $2.30-$2.55 and revenue of $16.6-$17.0 billion.
The lower revenue range reflects the impact of the pandemic on customer purchasing patterns, it said in a post-earnings conference call.
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