UPDATE 1-Teva Pharm Q3 profit in line with forecasts, tweaks 2020 outlook

(Adds details, CEO quote)

TEL AVIV, Nov 5 (Reuters) – Israel-based Teva Pharmaceutical Industries reported on Thursday unchanged third-quarter profit that was in line with forecasts and slightly lowered its 2020 revenue outlook as the COVID-19 pandemic subdued demand for some of its generic drugs.

The world’s largest generic drugmaker earned 58 cents per diluted share excluding one-time items in the July-September period, unchanged from a year earlier.

Revenue fell 3% to $3.98 billion, mainly due to lower revenue from generic drugs, over-the-counter products and its branded multiple sclerosis treatment Copaxone as well as reduced demand for certain products resulting from the COVID-19 pandemic. This was partially offset by higher sales of its migraine product Ajovy and of Austedo, its treatment for Huntington’s disease.

Analysts had forecast Teva would earn 58 cents a share ex-items on revenue of $4.07 billion, according to I/B/E/S data from Refinitiv.

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.

“Over the past three years we have reduced our net debt by more than $10 billion to $23.8 billion,” CEO Kare Schultz said. “This debt reduction, and the continued improvement of our profitability, keeps us on track to achieve our long-term financial targets by the end of 2023.” (Reporting by Tova Cohen; Editing by Steven Scheer and Emelia Sithole-Matarise)

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Written by Aakash Malu


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