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