Teva Pharma Q3 Profit Misses Estimates; Revenues Down 2%

Teva Pharmaceutical Industries Ltd. (TEVA) reported an increase in adjusted profit for the third-quarter. However, the results missed Wall Street estimates. Revenues declined 2%, or 3% in local currency terms, mainly due to lower revenues in North America segment.

Third quarter non-GAAP net income attributable to Teva was $651 million or $0.59 per share, compared to $637 million or $0.58 per share, a year ago. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.65, for the quarter. Analysts' estimates typically exclude special items. Non-GAAP gross profit margin was 53.6%, compared to 52.4%.

GAAP net income attributable to Teva was $292 million or $0.26 per share, compared to net loss of $4.35 billion or $3.97 per share, last year.

Revenues were $3.89 billion, a decrease of 2%, or 3% in local currency terms, from last year. Analysts expected revenue of $4.03 billion, for the quarter.

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