The shares of Teva Pharmaceutical, a leading generic drug maker, have experienced a significant boost as the company raised its full-year sales guidance and reported better-than-expected second-quarter revenue and adjusted earnings.
Positive Stock Performance
In early trading, Teva Pharmaceutical’s stock soared by 14% to $9.40, pushing the shares into positive territory year-to-date.
Upgraded Sales Outlook
Teva Pharmaceutical announced that it now anticipates sales between $15 billion and $15.4 billion for 2023, surpassing its previous guidance of at least $14.8 million. In 2020, the company achieved $14.9 million in revenue.
Strong Q2 Financial Results
During Q2, Teva Pharmaceutical recorded a loss of $863 million, or 77 cents per share. This compares to a loss of $232 million, or 21 cents per share, in the same quarter last year.
After excluding one-time items, adjusted earnings reached 56 cents per share. Analysts surveyed by FactSet had projected 53 cents per share.
Moreover, the company’s revenue increased by 2% to $3.88 billion, outperforming analyst expectations of $3.71 billion (according to FactSet data).
