Teva Pharmaceutical Industries Ltd. Reported second quarter earnings that topped analysts’ estimates, while also reiterating its full-year earnings guidance.
The pharmaceutical company’s adjusted earnings for the three months ending in June declined -20% year-over-year to 60 cents per share, but was 2 cents ahead of the Street consensus expectation.
Total revenues, fell -8.5% from the year-ago period to $4.3 billion, but again exceeded analysts' estimates of $4.25 billion.
CEO Kare Schultz attributed the strong quarterly performance to the company’s portfolio optimization, new launches stabilizing its North American generics business, stronger-than-expected performance of Copaxone and solid growth in Austedo. According to Schultz, Teva is focused on growth for Ajovy in the US and have also experienced early momentum of the product's recent launches in the EU.
Based on results for the first half of the year, Teva reaffirmed its full year guidance, as indicated by Schultz.