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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration said it now intends to review only a small subset of new emergency use authorization or EUA requests for diagnostic tests. As per an updated COVID-19 test policy with a view to ensure continued access to tests, the regulator further urged developers of all test types seeking marketing authorization to pursue traditional premarket review for most test types. Netflix, Inc. said it is adding a new feature to offer a more personalized mobile games experience on the platform. In a statement, Sophia Yang, Product Manager, Mobile Games, said the company is rolling out the ability to create game handles, with which members will be able to create a unique public username. This can be used across all Netflix games. General Motors Co. has delayed its plan to require employees to return to office many days a week until next year, reports said citing an internal memo signed by CEO Mary Barra. Last week, the company had announced that corporate workers would be required to return to respective offices at least three days a week, beginning later this year, as the COVID-19 pandemic eases.
Follow RTT