Inside Teva Pharmaceutical’s 1H17 Performance
TEVA’s revenue trends
In 2016, Teva Pharmaceutical Industries (TEVA) reported revenues of ~$21.9 billion, or ~11% higher on a YoY (year-over-year) basis. In 1H17, TEVA reported revenues of ~$11.3 billion, compared with $9.8 billion in 1H16. In 2Q17, TEVA generated revenues of ~$5.7 billion, or ~13% higher YoY and 1% higher QoQ (quarter-over-quarter).
In 2Q17, TEVA in its GAAP (generally accepted accounting principles) results reported a net loss of ~$5.97 billion, compared with net income of ~$254 million in 2Q16, due to expenses from goodwill impairment charges of ~$6.1 billion. In 2Q17, the company reported a GAAP operating loss of ~$5.7 billion, compared with its net income of ~$361 million in 2Q16.
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In 2Q17, TEVA reported non-GAAP operating income of ~$1.59 billion, compared with $1.58 billion in 2Q16. In 2Q17, the company reported non-GAAP net income of ~$1.1 billion, compared with $1.2 billion in 2Q16. It reported non-GAAP EPS (earnings per share) of ~$1.02, compared with $1.25 in 2Q16.
1H17 and 2Q17 expenses
In 1H17, TEVA reported a cost of sales of ~$5.7 billion, compared with $4.2 billion in 1H16. In 1H17, the company reported R&D (research and development), S&M (selling and marketing), and G&M (general and administrative) expenses of ~$943 million, $1.9 billion, and $508 million, respectively, compared with $764 million, $1.79 billion, and $615 million in 1H16.
In 2Q17, TEVA reported a cost of sales of ~$2.9 billion, compared with $2.2 billion in 2Q16. In 2Q17, the company reported R&D, S&M, and G&M expenses of ~$486 million, 960 million, and $272 million, respectively, compared with $375 million, $952 million, and $311 million in 2Q16.
TEVA’s peers include Mylan (MYL), Novartis (NVS) (through Sandoz), Sun Pharmaceuticals, Pfizer (PFE) (through Hospira), Allergan, and Lupin. Notably, the iShares MSCI EAFE ETF (EFA) invests ~0.10% of its total portfolio holdings in TEVA.