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Teva Reports Fourth Quarter and Full Year 2018 Financial Results
JERUSALEM--(BUSINESS WIRE)--February 13, 2019--Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) today reported results for the year and the quarter ended December 31, 2018.
|Revenues||$18.9 billion||$4.6 billion|
|Cash flow from operations||$2.4 billion||$0.4 billion|
|GAAP loss per share||$2.35||$2.85|
2019 Business outlook:
- Revenues are expected to be $17.0 – 17.4 billion
- Non-GAAP EPS is expected to be $2.20-2.50
Mr. Kåre Schultz, Teva’s President and CEO, said, "2018 was the first year of our restructuring plan and we have met or exceeded all of our key financial targets for the year. The full year yielded a cost base reduction of $2.2 billion, exceeding our 2018 target, and we are well on track to deliver the total $3.0 billion reduction in 2019 as compared to the 2017 spend base. AJOVY® is performing very well since its September launch in the U.S. with growing demand for the first and only anti-CGRP treatment with both quarterly and monthly dosing for the preventive treatment of migraine in adults. We will focus our investments on growing AJOVY® and continuing our success with AUSTEDO®, with both franchises positioned to be important growth drivers for Teva.
"Looking ahead, we continue to expect that 2019 will be the trough for our business, a year in which we will experience similar challenges to those of 2018 including the continued erosion of COPAXONE in the U.S. and Europe as well as the introduction of generics in the ProAir® market. Throughout the year, we will continue to execute against our restructuring plan goals, including the optimization of our global portfolio and network, as we focus our efforts on generating cash to reduce the company's debt."
The following information was filed by Teva Pharmaceutical Industries Ltd (TEVA) on Wednesday, February 13, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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