Teva’s flat 1st-qtr sales and higher earnings beat expectations

Israeli generics giant Teva Pharmaceutical Industries (NYSE: TEVA) has reported that first-quarter 2015 revenues amounted to $5.0 billion, in line with revenues in the like 2014 period, but beating analyst expectations of $4.84 billion. Excluding the impact of foreign exchange fluctuations and the divestment of the US OTC plants, revenues grew 8%.

Non-generally accepted accounting principles (GAAP) gross profit was $3.1 billion, up 2% from the first quarter of 2014. Non-GAAP gross profit margin was 61.5%, compared to 59.7% in the first quarter of 2014. GAAP gross profit was $2.8 billion compared to $2.7 billion. GAAP gross profit margin was 56.9% in the quarter, compared to 53.9% in the first quarter of 2014. Non-GAAP earnings per share grew to $1.36 from $1.23 last year, well beating the forecasts of analysts polled by Thomson Reuters, who expected EPS of $1.25 per share for the quarter.

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