A worker inspects boxes of inventory in the warehouse at the Teva Pharmaceutical factory in Kfar-saba, Israel.
Kobi Wolf/Bloomberg
Shares of Teva Pharmaceutical were declining in premarket trading Wednesday after the Israeli generics drugs company posted quarterly earnings that fell short of Wall Street expectations.
Adjusted third-quarter earnings were 59 cents a share, below estimates of 65 cents. Revenue in the quarter fell 2% to $3.88 billion, below analysts’ forecasts of $4.06 billion.
Net income was $292 million in the latest quarter. The company reported a year-earlier loss of $4.35 billion.
The stock fell 3.1% to $9.10 in premarket trading on Wednesday. It has declined 2.7% year to date.
Referring to the drop in revenue, Teva said, “This decrease was mainly due to lower revenues in our North America segment, mainly due to Copaxone and generic products, partially offset by higher revenues from generic and OTC products in our Europe segment, Ajovy and Austedo.”
The company also said it would sell $4 billion of sustainability-linked bonds. Teva President and CEO Kare Schultz said the bonds demonstrate the company’s “commitment to the environment and to securing access to medicines in low and middle-income countries, two of the greatest challenges of our time.”
Write to Karishma Vanjani at [email protected]
