Teva Pharmaceutical Industries Misses Estimates Despite Growth (TEVA)

Petach Tikva, Israel-based Teva Pharmaceutical Industries TEVA on Tuesday morning released financial results that failed to meet Wall Street expectations. Teva Pharmaceutical Industries reported that its 4th quarter net income climbed to $771 million, or 85 cents per share, up from $379 million, or 42 cents per share, a year earlier. Excluding special items, the company earned $1.25 per share. Teva Pharmaceutical Industries reported revenue of $4.41 billion, up 16% from $3.8 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of $1.28 per share, on revenue of $4.64 billion. President and Chief Executive Officer Shlomo Yanai said, “2010 was a great year for Teva, a year in which we delivered record-breaking results across all our geographies while strengthening and expanding our global leadership. During 2010 Teva became the generics leader in Europe and increased our presence in key emerging markets. This was also an exciting year for our branded business, where we made excellent progress in developing a robust and promising pipeline of branded products.” Teva Pharmaceutical Industries (TEVA) ended the previous trading session at $54.98 per share. Analysts covering the company's stock have a consensus price target of $66.69 per share. Teva Pharmaceutical Industries is a leading global pharmaceutical company, committed to increasing access to high-quality healthcare by developing, producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients. Read more from Benzinga's Company news.