Teva's 1st-qtr sales down, mainly hit by Copaxone competition

Israeli generics giant Teva Pharmaceutical Industries (NYSE: TEVA) today posted first-quarter 2019 financials, showing declines but these were slightly less than observers had expected. The company’s shares were down a modest 0.48% tat 4,425 shekels in Tel Aviv trading by 15:35 GMT+3.

Revenues in the first quarter of 2019 were $4,295 million, a decrease of 15%, or 12% in local currency terms, compared to the first quarter of 2018, mainly due to generic competition to best-selling multiple sclerosis drug Copaxone (glatiramer acetate) and a decline in revenues from our respiratory products and US generics business. This compares with the consensus analysts’ estimate of $4.38 billion.

Teva reported first-quarter earnings per share (EPS) of $0.60, $0.02 better than analysts’ estimate of $0.58. Gross profit on a generally accepted accounting principles (GAAP) basis $1,856 million in the first quarter of 2019, a decrease of 20% compared to the first quarter of 2018.