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Teva Reports First Quarter 2018 Financial Results
- Revenues of $5.1 billion
- Free cash flow of $1.9 billion
- GAAP EPS of $1.03
- Non-GAAP EPS of $0.94
- Restructuring plan on-track to achieve $1.5 billion of savings in 2018 and $3.0 billion by the end of 2019
2018 full year guidance:
- Non-GAAP EPS guidance raised to $2.40-2.65 from $2.25-2.50
- Free cash flow guidance raised to $3.0-3.2 billion from $2.6-2.8 billion
JERUSALEM--(BUSINESS WIRE)--May 3, 2018--Teva Pharmaceutical Industries Ltd. (NYSE: TEVA, TASE: TEVA) today reported results for the quarter ended March 31, 2018.
Mr. Kåre Schultz, Teva’s President and CEO, said "2018 is off to a solid start. Our restructuring program is proceeding well, and we are on track to meet our cost reduction targets of $1.5 billion in 2018 and $3.0 billion by the end of 2019. During this quarter, our strong cash flow allowed us to continue to reduce our outstanding debt, and together with our recent debt issuance and covenant amendment, has placed Teva on a more stable financial footing. We have also benefited this quarter from the durability of COPAXONE and a steady flow of generic launches in the U.S. Our strong first quarter performance, along with our confidence in executing the restructuring program, gives us a solid foundation to raise our guidance for the year.”
First Quarter 2018 Consolidated Results
Revenues in the first quarter of 2018 were $5.1 billion, a decrease of 10%, or 15% in local currency terms, compared to the first quarter of 2017, mainly due to adverse market dynamics in the U.S. generics market, generic competition to COPAXONE and loss of revenues following our divestment of certain products and discontinuation of certain activities.
Exchange rate differences between the first quarter of 2018 and the first quarter of 2017 positively impacted our revenues by $240 million, our GAAP operating income by $37 million and our non-GAAP operating income by $46 million.
GAAP gross profit was $2.3 billion in the first quarter of 2018, down 17% compared to the first quarter of 2017. GAAP gross profit margin was 46.4% in the first quarter of 2018, compared to 50.2% in the first quarter of 2017.
The following information was filed by Teva Pharmaceutical Industries Ltd (TEVA) on Thursday, May 3, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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