The company, which has dual headquarters in Israel and Parsippany, N.J., reported a loss of $4.3 billion or $3.97 per share on revenue of $3.9 billion for the quarter ended September 30, 2020. By contrast, the company had a loss of $307 million, or $0.29 per share, in the third quarter of 2019.
Non-GAAP diluted earnings per share were $0.58, which was slightly ahead of analysts’ consensus of $0.56.
The company’s revenues were “slightly below our expectation,” said Teva’s CEO, Kare Schultz, in the earnings call. The reason for the dip was the diminished prescription volume in both the U.S. and Europe stemming from COVID-19 pandemic.
Schultz was optimistic about the company’s performance in the remainder of the year, citing its recent U.S. launch of generic versions of the HIV medications, Truvada and Atripla. “The sales are all booked in the fourth quarter, but we actually did have the sort of physical launch on the very last day of the third quarter,” Schultz said.
The company also announced a pair of digital inhalers in the third quarter. Teva had announced last month that it is working with Amazon Web Services (AWS) and Onica on its digital health platform related to the IoT-enabled inhalers.
Based on its performance in the past nine months, Teva is maintaining its guidance for 2020, expecting free cash flow of $1.8 to $2.2 billion.
Based on the first three quarters and our outlook for the remainder of the year, we are maintaining our guidance for 2020, which is $1.8 billion to $2.2 billion.
The company’s stock had fallen $0.60 to $8.61, or 6.5% at close.