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Teva Reports Second Quarter 2018 Financial Results
- Revenues of $4.7 billion
- Free cash flow of $0.6 billion
- GAAP diluted loss per share of $0.24
- Non-GAAP diluted EPS of $0.78
- Restructuring plan on-track to achieve $1.5 billion of savings in 2018 and in total $3.0 billion by the end of 2019
- Raising 2018 full year guidance:
- Non-GAAP EPS guidance raised to $2.55-2.80 from $2.40-$2.65
- Free cash flow guidance raised to $3.2-3.4 billion from $3.0-3.2 billion
JERUSALEM--(BUSINESS WIRE)--August 2, 2018--Teva Pharmaceutical Industries Ltd. (NYSE: TEVA, TASE: TEVA) today reported results for the quarter ended June 30, 2018.
Mr. Kåre Schultz, Teva’s President and CEO, said, "I am satisfied with our progress in the second quarter. The restructuring program is on schedule, we have already achieved a significant cost base reduction towards our target for the year and we continue to reduce our net debt. COPAXONE® maintained its market share and AUSTEDO® continued to show solid growth. Given the second quarter results, we have decided to raise our 2018 full year guidance." Mr. Schultz continued, “Our PDUFA action date for fremanezumab is set for mid-September and we are preparing to launch this important product once approved."
Second Quarter 2018 Consolidated Results
Revenues in the second quarter of 2018 were $4.7 billion, a decrease of 18%, or 19% in local currency terms, compared to the second quarter of 2017, mainly due to continued price erosion in our U.S. generics business, generic competition to COPAXONE and loss of revenues following the divestment of certain products and discontinuation of certain activities.
Exchange rate differences between the second quarter of 2018 and the second quarter of 2017 positively impacted our revenues by $92 million, our GAAP operating income by $14 million and our non-GAAP operating income by $19 million.
GAAP gross profit was $2.1 billion in the second quarter of 2018, a decrease of 28% compared to the second quarter of 2017. GAAP gross profit margin was 43.8% in the second quarter of 2018, compared to 49.9% in the second quarter of 2017.
Non-GAAP gross profit was $2.4 billion in the second quarter of 2018, a decline of 27% from the second quarter of 2017. Non-GAAP gross profit margin was 50.4% in the second quarter of 2018, compared to 57.0% in the second quarter of 2017. The decrease in gross profit margin, on both a GAAP and a non-GAAP basis, resulted primarily from price erosion in our U.S. generics business and a decline in COPAXONE revenues due to generic competition, as well as the loss of revenue following the sale of our women’s health business.
The following information was filed by Teva Pharmaceutical Industries Ltd (TEVA) on Thursday, August 2, 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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