Teva stock flirted with a breakout Wednesday after generic drugs helped the Big Pharma behemoth beat June-quarter expectations and hike its outlook for the year.
The company raised the low end of its adjusted earnings outlook by a dime and now expects to earn $2.30 to $2.50 per share on $16 billion to $16.4 billion in sales. At the midpoint, the sales outlook is $200 million higher than the guidance Teva Pharmaceutical (TEVA) issued three months ago. The sales estimate beat expectations, though the earnings guide was light at the middle.
Chief Executive Richard Francis credited generic drugs and Austedo for the strong second-quarter showing. Austedo treats movement disorders tardive dyskinesia and chorea associated with Huntington's disease.
On today's stock market, Teva stock rose more than 6% to 17.52 in early trades. Shares are forming a flat base with a buy point at 17.69, according to MarketSurge.
Overall, Teva earned an adjusted 61 cents per share on $4.16 billion in second-quarter sales. Profit climbed nearly 9% and beat forecasts for 54 cents. Sales jumped 7% — or 11% in constant currency — to top the average estimate of analysts' polled by FactSet for $3.99 billion.
Revenue from generic drugs advanced more than 9% to $2.48 billion. The best growth came from the North America segment where sales popped 16% to $1.02 billion. Austedo, which only sells in the North America business, brought in $407 million in sales, surging 32% year over year. That easily topped forecasts for $375.1 million.
Notably, sales of migraine prevention drug Ajovy fell 20% in North America. But international sales helped offset that. Across all geographies, sales of the shot climbed 10.5% to $116 million.
https://www.investors.com/news/technology/teva-stock-teva-earninga-q2-2024/
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