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Teva Lowers FY Revenues Outlook

Teva Pharmaceutical Industries Limited (TEVA) said that it lowered its 2021 net revenues outlook to range of $16.0 billion - $16.4 billion from the previous range of $16.4 billion- $16.8 billion, due to the effects of the pandemic. Analysts polled by Thomson Reuters expect the company to report revenues of $16.55 billion for fiscal year 2021. Analysts' estimates typically exclude special items.

The company still expects annual earnings per share in the range of $2.50 - $2.70. Analysts expect annual earnings of $2.45 per share.

The company expects annual non-GAAP tax rate for 2021 to be 17%-18%, unchanged from its outlook provided in February 2021.

The company said it has performed well in the second quarter, improving profitability and free cash flow generation. It allowed the company to reduce its net debt by an additional $500 million to $22.7 billion, once again demonstrating its commitment to and confidence in its long-term goals.

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