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Teva Pharmaceuticals Share Price Surges 7.0% on Positive Q2 Earnings, FY20 Outlook

Teva Pharmaceuticals
Simon Mugo

Shares of Teva Pharmaceuticals (NYSE: TEVA), the world’s largest manufacturer of generic drugs, soared 7.0% premarket after the company released its earnings report for Q2, which were better than expected.

The Israel-based firm reported adjusted Q2 EPS of $0.55 beating analysts estimates of $0.53, however, Q2 revenues was $3.90 billion, which was lower than the consensus estimate of $3.93 billion.

The company reaffirmed its 2020 financial year EPS guidance of $2.30 – $2.55 versus the consensus estimate of $2.50, while it expects revenues of $16.6 billion to $17 billion, which is aligned with the $16.8 billion street estimate.

Teva’s CEO, Kare Schultz explained that lower sales of generic drugs and over-the-counter products “in Europe and international markets were in line with our expectations, after the unusually high demand seen in the prior quarter due to the initial response to the pandemic,”

Teva share price

Tradingview chart of Teva Pharma share price 05082020

Teva shares have since given up some of its earlier gains minutes into the open.

Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.