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Keith began writing for the Fool in 2012 and focuses primarily on healthcare investing topics. His background includes serving in management and consulting for the healthcare technology, health insurance, medical device, and pharmacy benefits management industries.
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Teva Pharmaceuticals (NYSE:TEVA) started off 2021 with a bang. Its shares soared more than 30% during the first few weeks of the year. Since then, though, Teva has given up most of those gains.
The company had an opportunity for a catalyst when Teva announced its first-quarter results before the market opened on Wednesday. However, those results didn t spark a rebound: The pharmaceutical stock slipped almost 3% in early trading. Here are the highlights from Teva s Q1 update.
Teva beats analysts on Q1 profit, misses on revenue
The Israeli pharmaceutical company has reaffirmed its 2021 guidance and said that debt has been reduced to $23.2 billion.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has reported $4 billion revenue for the first quarter of 2021, less than the analysts forecast,GAAP net profit of $77 million ($0.07 per share) and non-GAAP net profit of $699 million ($0.63), compared with the analysts forecast of $0.59 per share.
Teva reaffirmed its 2021 guidance.
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Teva president and CEO Kåre Schultz said, As the Covid-19 pandemic continues to impact the world and our industry, our employees continue to work together to meet the needs of our customers and patients, all while we remain focused on our long-term goals and laying the foundation for future growth.