Shares of Teva Pharmaceutical Industries (TEVA) - Get Teva Pharmaceutical Industries Limited Sponsored ADR Report rose double digits on Wednesday after the company reported earnings that matched analysts' estimates.
The Israeli generic medicine maker reported second-quarter earnings of 59 cents a share on revenue of $3.9 billion. Analysts were expecting earnings of 59 cents on revenue of $4 billion.
"The report released today shows the extent to which our leadership in generics contributes economic benefits and healthcare savings, particularly in the United States," Teva CEO Kare Schultz said.
The company reaffirmed its earnings guidance for the year despite saying that the COVID-19 pandemic could hurt sales.
The company expects 2021 revenue between $16 billion and $16.4 billion, down from its previous top-line estimate of $16.8 billion. The company maintained its earnings per share forecast between $2.50 and $2.70 a share.
Analysts polled by FactSet are expecting the company to report revenue of $16.5 billion with earnings of $2.62 a share in 2021.
Teva's 11 manufacturing sites in the U.S. supply 11 billion doses annually. Teva medicines accounted for one of every 10 generic prescriptions in 2020.
Teva said it has more than 10 biosimilars approved or currently in development as it builds off of the 800 new generic medicine marketing authorizations obtained in 2020.
The company estimates that savings are expected to grow and surpass $100 billion from 2020 to 2024.
Teva is the leading generic medicine company in Europe, where it operates 32 manufacturing and research and development facilities.
The stock was up 11.21% to $9.92 on Wednesday.