Teva beats Street, names acting CFO

A day after Jeremy Levin departed as president and CEO, Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) reported 3Q13 earnings that beat the Street. The company also named Kobi Altman, SVP and CFO of Teva Americas, as acting CFO. Altman will serve as CFO while Eyal Desheh, Teva's EVP and CFO, serves as interim president and CEO. On a conference call to discuss the company's earnings, Desheh acknowledged the "market was unhappy" with Levin's departure. Teva lost $3.1 billion in market cap on Wednesday on the news (see BioCentury Extra, Oct. 30).

On the earnings front, Teva reported 3Q13 non-GAAP diluted EPS of $1.27, beating by a penny the Street's $1.26 estimate but down slightly from $1.28 in 3Q12. Net revenues for the quarter were $5.06 billion, just above the Street's $5 billion estimate and up 2% in constant currencies from $4.97 billion in 3Q12. Teva narrowed its 2013 guidance and now expects full-year revenues of $19.7-$20.3 billion and non-GAAP EPS of $4.95-$5.05. Earlier this month, the company announced a 10% worldwide headcount reduction and reiterated 2013 guidance of $19.5-$20.5 billion in revenues and a non-GAAP diluted EPS of $4.85-$5.15. The Street was expecting 2013 EPS of $5 on $20.1 billion in revenues. ...