Teva Pharm Q3 profit misses estimates, to sell $4 billion in bonds

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The world’s largest generic drugmaker said on Wednesday it earned 59 cents per diluted share excluding one-time items in the July-September period, up from 58 cents a share a year earlier. Revenue fell 2% to $3.89 billion.

Analysts had forecast Teva would earn 65 cents a share ex-items on revenue of $4.03 billion, according to I/B/E/S data from Refinitiv.

Teva reaffirmed its 2021 forecasts of adjusted EPS of $2.50-$2.70 and revenue of $16.0-$16.4 billion, compared with adjusted EPS of $2.57 and revenue of $16.7 billion in 2020.

Sales in North America fell to $1.88 billion the quarter from $2.02 billion a year earlier, but sales of Austedo rose 19% to $201 million and Ajovy sales gained 31% to $46 million.

Overall generic drug sales in North America slipped 7% to $859 million, while sales in Europe grew 9% to $1.22 billion.

Teva’s debt level dipped to $23.8 billion by the end of September from $25.1 billion in June.

The company also plans to sell $4 billion of sustainability-linked senior notes. The offering “further demonstrates our commitment to the environment and to securing access to medicines in low and middle-income countries,” said Teva CEO Kare Schultz.