Teva Pharmaceutical Industries (NYSE:TEVA) rose sharply Wednesday on reporting fourth-quarter figures. The company, out of Tel Aviv, reported fourth-quarter earnings of 64 cents per share, which beat the analyst consensus estimate of 61 cents by 4.92%. This is a 20.75% increase over earnings of 53 cents per share from the same period last year.
The company reported quarterly sales of $4.5 billion, which beat the analyst consensus estimate of $4.35 billion by 3.45%. This is a 1.29% decrease over sales of $4.559 billion the same period last year.
Teva sees fiscal year 2020 adjusted EPS $2.30-$2.55 versus the $2.47 estimate and sales at $16.6-$17 billion versus the $17.18 billion estimate.
CEO Kare Schultz exulted, "In 2019, we made great strides towards positioning Teva for renewed growth by completing our two-year restructuring plan, reducing our cost base by more than $3 billion, and reducing our net debt by more than $9 billion, all while maintaining our global leadership in generics, serving around 200 million patients every day."
What’s more, a new report the company released Wednesday detailed the billions of dollars saved by Teva’s generic medicines and the company’s impact on the U.S. and global economies in 2018.
The document, based on an independent analysis by economic policy experts at Matrix Global Advisors, shows Teva saved the U.S. health-care system $41.9 billion in 2018—of an estimated $292.6 billion saved by generic medicines overall.
TEVA shares hiked $1.06, or 8.6%, to $13.39. The stock has a 52-week high of $19.21 and a 52-week low of $6.07.
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