Teva beats on EPS, misses on revenues
Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) reported 1Q14 earnings on Thursday that beat the Street on EPS but missed on revenues. The specialty pharma and generics company reported 1Q14 non-GAAP diluted EPS of $1.22, up from $1.12 in 1Q13 and beating by a penny the Street's $1.21 estimate. Total revenues grew 2% in the quarter to $5 billion, up from $4.9 billion in the prior year's quarter but just below the Street's $5.1 billion estimate.
Teva reaffirmed its 2014 financial guidance. The company expects net revenue of $19.3-$20.3 billion and EPS of $4.20-$4.50 assuming the U.S. launch of at least two generic competitors to multiple sclerosis drug Copaxone glatiramer on June 1. With no generic Copaxone competition during 2014, Teva expects net revenues of $19.8-$20.8 billion and EPS of $4.80-$5.10. ...