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Teva’s Q2 2018 EPS and operating income
Teva Pharmaceutical Industries (TEVA) reported its Q2 2018 earnings results yesterday, missing analysts’ sales estimates. However, it exceeded analysts’ adjusted diluted EPS estimate of $0.64, with non-GAAP adjusted diluted EPS of $0.78. Its GAAP diluted EPS were -$0.24.
TEVA’s profitability metrics in Q2 2018
In the second quarter, Teva’s gross profit fell ~27% YoY to $2.4 billion, mainly due to continued weakness in Copaxone sales, pricing pressure in the generics business, and the divestiture of its women’s health business. Its operating income fell ~22% YoY to $1.2 billion, compared with ~11% in Q1 2018, and its EBITDA fell 20% YoY to $1.4 billion. Sequentially, its EBITDA fell ~12.5%.
However, the company’s research and development expenses fell 38% in the second quarter due to pipeline optimization efforts and its headcount being lower due to some Phase 3 studies ending. Its selling and marketing expenses fell ~25% as the company implemented cost reduction and efficiency measures as part of its ongoing restructuring plan. Peers Pfizer (PFE), Amgen (AMGN), and Eli Lily (LLY) reported adjusted diluted EPS growth of 21%, 17%, and 35%, respectively, in their recent quarterly results.