Shares of Teva Pharmaceutical Industries (TEVA) - Get Teva Pharmaceutical Industries Limited American Depositary Shares Report, the generic drugmaker, rose in premarket trading Wednesday on stronger-than-expected earnings.
Teva posted revenue of $4.45 billion for the fourth quarter, down slightly from last year, but slightly above analysts' estimates of $4.43 billion.
The company reported a fourth-quarter loss of $150 million, or 14 cents a share, in the latest quarter, wider than a loss of $110 million, or 10 cents a share, a year earlier. Adjusted earnings were 68 cents a share, topping the consensus of Wall Street estimates of 64 cents.
Teva traded at $13.18, up 2.89%, in premarket trading Wednesday. While it has jumped 32% in the last three months through Tuesday, it remains down 77% over the past five years. The company has suffered from a combination of competitive pressure in the generic drug space and its own missteps.
Not surprisingly, Teva put a positive spin Wednesday on its latest earnings report.
“Despite the COVID-19 pandemic challenges, we saw minimal impact on our supply chain, R&D programs and product launches,” Chief Executive Kare Schultz said in a statement. “Following a strong fourth-quarter performance, we have met all components of our 2020 financial guidance.”
“Looking ahead, we will continue to optimize our manufacturing network, portfolio and pipeline, improve our profitability and generate cash, as we remain on track to repay our debt and achieve our long-term financial targets,” the CEO said.
Teva had short-term debt of $3.2 billion as of Dec. 31, up from $2.3 billion a year earlier.