Teva dips as it reports downturn on 1st-qtr sales and earnings

Teva Pharmaceutical Industries (NYSE: TEVA) yesterday reported results for the first quarter of 2021 that met earnings expectations but not sales, leading the Israeli generics giant’s shares nearly 2% lower at 3,271 shekels by close of trading on Wednesday.

Revenues were $3.98 billion, a decrease of 9% or 10% in local currency terms, compared to the first quarter of 2020. This decrease was mainly due to lower revenues from generic, OTC and respiratory products and from Copaxone (glatiramer acetate in our Europe segment. Global Copaxone sales for the quarter fell 15% to $276 million.

On a generally accepted accounting principles (GAAP) basis, operating income for the quarter was $434 million, compared to $191 million in the first quarter of 2020. Non-GAAP operating income was $1.08 billion, a decrease of 13%. The decrease was mainly due to lower profit in our Europe segment.