- Teva Pharmaceutical Industries Ltd's (NYSE:TEVA) Q1 sales reached $3.66 billion, shrinking 8% Y/Y, missing the consensus of $3.75 billion.
- The decrease is mainly due to lower revenues from generic products in North America and Copaxone, partially offset by higher revenues from Anda and generic products in the Europe segment.
- The adjusted gross margin was 54.2% compared to 53.8% a year ago. The adjusted operating margin was almost stagnant at 27.7%.
- Adjusted EBITDA decreased 6% to $1.34 billion. The company reported a free cash flow of $117 million.
- Adjusted EPS of $0.55 came in line with the Wall Street estimate and down from $0.63 a year ago.
- Outlook: Teva anticipates FY22 sales of $15.4 billion - $16 billion, down from prior guidance of $15.6 billion - $16.2 billion, compared to the consensus of $15.97 billion.
- It reaffirms adjusted EPS of $2.40 - $2.60, compared to the consensus of $2.51.
- Teva forecasts Copaxone revenues of approximately $750 million vs. the previous outlook of about $850 million to reflect increased competition and foreign exchange fluctuations.
- It expects a Free cash flow of $1.9 billion - $2.2 billion, with an adjusted EBITDA of $4.7 billion - $5.0 billion.
- Price Action: TEVA shares are down 3.75% at $8.85 during the market session on the last check Tuesday.
