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Teva Reports First Quarter 2020 Financial Results
- Revenues of $4.4 billion
- GAAP diluted EPS of $0.06
- Non-GAAP diluted EPS of $0.76
- Free cash flow of $551 million
- Full year 2020 business outlook reaffirmed:
- Net revenues of $16.6 - $17 billion
- EBITDA of $4.5 - $4.9 billion
- EPS of $2.30 - $2.55
- Free cash flow of $1.8 - $2.2 billion
TEL AVIV, Israel--(BUSINESS WIRE)--May 7, 2020--Teva Pharmaceutical Industries Ltd. (NYSE: TEVA, TASE: TEVA) today reported results for the quarter ended March 31, 2020.
Mr. Kåre Schultz, Teva's President and CEO, said, “2020 brought an unprecedented global health crisis, affecting all nations and industries, including the pharmaceutical industry, which plays many roles in countering the epidemic. As our industry responds to the challenge, we are reminded of the importance of reliable supplies of high quality generic medicines to meet critical demand. Teva has responded to this challenge by supporting efforts of governments and health services to curb the impact of the virus. We have done this while taking robust measures to safeguard the health and well-being of our employees, who have diligently worked to ensure that all our manufacturing and distribution facilities remain open to allow the safe supply of medicines and APIs to our customers, and to millions of patients around the world."
Mr. Schultz continued, "Our very strong results during the first quarter of 2020 were impacted by greater demand in our major markets for generic and OTC products and respiratory products. Stronger revenues across these categories, along with growth in our operating and net profit, contributed to strong free cash flow and a further reduction in our net debt to $24.3 billion."
"Looking ahead, in light of the challenges and uncertainties facing our industry and society at large, we will continue to take measures to safeguard our dedicated employees, securing continued operation of our supply chain and deliveries of our broad portfolio to the 200 million patients we serve."
The following information was filed by Teva Pharmaceutical Industries Ltd (TEVA) on Thursday, May 7, 2020 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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