Teva reports sales downturn but profits rise

Israeli genetics giant Teva Pharmaceutical Industries (NYSE: TEVA) today reported results for the year and the quarter ended December 31, 2020, which disappointed, as the firm’s shares were down 4.3% at $12.26 in early New York trading. The stock fell 9.2% to 3,860.00 shekels by close of Tel Aviv business.

Revenues in 2020 were $16,659 million, a decrease of 1% in both US dollar and local currency terms, compared to 2019, mainly due to a decline in revenues from certain oncology products, Copaxone (glatiramer acetate) and certain respiratory products, partially offset by higher revenues from Austedo (deutetrabenazine) and Ajovy (fremanezumab).

On a generally accepted accounting (GAAP) basis, gross profit was $7,726 million in 2020, an increase of 3% compared to 2019. Non-GAAP gross profit was $8,734 million in 2020, slightly higher than 2019, and Non-GAAP gross profit margin was 52.4% in 2020, compared to 51.5% in 2019.