Teva Pharma Q2 Results Beat View, Raises Annual Outlook Above Estimates, Stock Rises

(RTTNews) - Teva Pharmaceutical Industries Ltd. (TEVA) Wednesday reported net loss of $846 million and $0.75 per share for the second quarter, lower than $872 million and $0.78 per share loss in the same quarter a year ago. Earnings as well as revenue beat the consensus estimates. The company also raised its full-year outlook above view. The stock is up more than 5 percent.

Excluding one-time items, the company posted earnings of $697 million or $0.61 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.55 per share. Analysts' estimates typically exclude special items.

Operating loss was $5 million, significantly lower than $654 million last year.

Revenues in the second quarter were $4.164 million, an increase of 7 percent form $3.878 billion in the previous year. The consensus estimate was for $4.06 billion.

Looking ahead, the company now expects earnings in the range of $2.30 - $2.50 from $2.20 - $2.50 guided earlier.

Revenue outlook has been raised to $16.0 billion - $16.4 billion from $15.7 billion - $16.3 billion.

Analysts expect the company to report earnings of $2.34 per share on revenue of $16.01 billion.

Teva stock, currently at $17.35, has traded in the range of $8.06 - $17.69 in the last 1 year.