Why Teva Pharmaceuticals Stock Is Soaring After Hours

Teva Pharmaceutical Industries TEVA shares are surging in Tuesday's after-hours session after the company reported better-than-expected financial results.

Teva said second-quarter revenue decreased 3% year-over-year to $3.8 billion, which beat the estimate of $3.78 billion, according to data from Benzinga Pro. The company reported quarterly earnings of 68 cents per share, which beat the estimate of 57 cents per share.

Teva lowered its 2022 revenue expectations from a range of $15.4 billion to $16 billion to a range of $15 billion to $15.6 billion, citing foreign exchange headwinds.

Teva reaffirmed its earnings and cash flow guidance. Full-year earnings are expected to be between $2.40 and $2.60 per share. Full-year free cash flow is expected to be between $1.9 billion and $2.2 billion.

Teva also provided an update on its opioids settlement with the working group of States' Attorneys General, counsel for Native American Tribes. The company said it reached an agreement to pay up to $4.25 billion plus approximately $100 million for the Tribes, spread over 13 years.

Teva is a leader in generic and specialty medicines with a portfolio consisting of over 3,500 products in nearly every therapeutic area.

See Also: Navient Shares Gain Post Q2 Results

TEVA Price Action: Teva has traded between $10.50 and $6.77 over a 52-week period.

The stock was up 18.5% in after hours at $8.44 at press time.