Teva Pharmaceutical Industries Ltd. (TEVA) reported a net loss of $846 million, or $0.75 per share, for the second quarter, an improvement from the $872 million loss, or $0.78 per share, recorded in the same quarter last year. Both earnings and revenue surpassed consensus estimates. The company also revised its full-year outlook upward. As a result, the stock has surged over 5%.
Excluding one-time items, Teva posted earnings of $697 million, or $0.61 per share, exceeding the average analyst estimate of $0.55 per share, as per Thomson Reuters. Analysts' estimates typically exclude special items.
The operating loss shrank dramatically to $5 million, down from $654 million the previous year.
Second-quarter revenues were $4.164 billion, marking a 7% increase from $3.878 billion in the previous year. This also surpassed the consensus estimate of $4.06 billion.
Looking forward, Teva has adjusted its earnings expectations to a range of $2.30 to $2.50 per share, up from previous guidance of $2.20 to $2.50 per share. Additionally, the revenue outlook has been raised to a range of $16.0 billion to $16.4 billion, compared to the previous range of $15.7 billion to $16.3 billion.
Analysts anticipate the company will report earnings of $2.34 per share on revenues of $16.01 billion.
Teva's stock is currently priced at $17.35 and has traded within a range of $8.06 to $17.69 over the past year.
