Teva Pharma beats by $0.02, beats on revs; Company reaffirms 2014 financial outlook
Reports Q4 (Dec) earnings of $1.42 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.40; revenues rose 2.9% year/year to $5.4 bln vs the $5.19 bln consensus.
- Reaffirms 2014 financial outlook
- Global revenues recorded by Teva for COPAXONE, increased 8% during the quarter both in U.S. dollar terms and in local currency terms to $1,142 million, compared to $1,059 million in the fourth quarter of 2012. The increase primarily resulted from higher sales in Russia and Germany. In the U.S., sales decreased 2% to $805 million, as a result of increased competition from oral MS therapies, partially offset by a price increase. Sales outside the U.S. were $337 million, an increase of 42%, or 43% in local currency terms, compared to the fourth quarter of 2012, primarily due to the timing of tenders in Russia and higher sales in Germany.
- AZILECT revenues recorded by Teva this quarter increased 14% to $98 million, while global in-market revenues increased 18% to $133 million, primarily due to increased demand in the U.S. and Europe.
-
TREANDA revenues amounted to $177 million in the quarter, an increase of 10% over the comparable quarter, due to increases in both volume and price.
- "Teva is reporting today strong results for the fourth quarter of 2013, bringing to close a year largely in-line with our expectations. During 2013, we had several key product launches, driven by a strong pipeline, which will continue to bear notable results in 2014, starting with the launch of COPAXONE 40mg/mL," stated Eyal Desheh, Acting President and CEO of Teva."
- "We continue to focus our efforts on our core R&D programs and go-to-market activities while increasing organizational effectiveness through our cost-reduction program to ensure Teva's growth and its role as a leader in the ever-changing pharmaceutical industry. 2013 was an important year for Teva and its shareholders. Many seeds were planted to ensure our long-term success and prosperity. 2014 will be a pivotal year in terms of execution and further enhancement of our strategic direction."
- 5% Increase in Quarterly Dividend: The Board of Directors, at its meeting on February 4, 2014, declared a cash dividend for the fourth quarter of 2013 of NIS 1.21 (approximately 34 cents according to the rate of exchange on February 4, 2014) per share , a 5% increase from the third quarter 2013 dividend of NIS 1.15.