Teva Reports Q2 Earnings Beat, Reaffirms Guidance

Teva Pharmaceutical Indus TEVA reported second-quarter earnings of 60 cents per share, which beat the analyst consensus estimate of 57 cents by 5.26%. This is a 23.08% decrease over earnings of 78 cents per share from the same period last year.

The company reported quarterly sales of $4.337 billion, which beat the analyst consensus estimate of $4.25 billion by 2.05%. This is a 7.74% decrease over sales of $4.701 billion the same period last year.

Teva's CFO Mike McClellan will step down and the company has initiated a search for his replacement.

"During the second-quarter, portfolio optimization and new launches stabilized our North American generics business, Copaxone performed above expectations and Austedo achieved a very strong growth rate. We continue to focus our efforts on growth for Ajovy in the US and are excited by the early momentum of the product's recent launches in the EU,” said CEO Kåre Schultz.

"We are on track to achieve the targets of our two year restructuring plan and based on our good results for the first half of the year we are reaffirming our full year guidance."

Teva shares were trading higher by 0.8% at $7.12 in Wednesday’s pre-market session. The stock has a 52-week high of $25.96 and a 52-week low of $6.93.

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