Teva’s financials in Europe
In the third quarter, Teva Pharmaceutical’s (TEVA) European revenue fell ~12% YoY (year-over-year) to $1.2 billion from $1.38 billion. Its net European revenue fell YoY to $3.98 billion in the first nine months of this year from $4.02 billion.
Teva’s European gross profit fell YoY to $683.0 million from $721.0 million in the third quarter, but rose YoY to $2.2 billion from $2.1 billion in the first nine months of this year.
Teva had European R&D (research and development), S&M (selling and marketing), and G&A (general and administrative) expenses of $62.0 million, $249.0 million, and $74.0 million, respectively, in the third quarter, compared with $101.0 million, $289.0 million, and $90.0 million in the third quarter of 2017. Diversified pharmaceutical peers Roche (RHHBY) and Sanofi (SNY) saw their European revenue grow ~7% and 2.66% YoY in the third quarter, to 13.9 billion Swiss francs and $10.9 billion, respectively.
Product revenue trends
In the third quarter, Teva’s European Generic Medicines revenue fell ~3% YoY to $845.0 million from $871.0 million. Teva’s Copaxone revenue fell ~17% YoY to $124.0 million from $150.0 million, while its respiratory product revenue grew ~3% YoY to $93.0 million from $90.0 million. In the first nine months of this year, Teva had European Generic Medicines, Copaxone, and respiratory product revenue of $2.7 billion, $417.0 million, and $312.0 million, respectively, reflecting ~8% growth, a ~5% decline, and 21% growth YoY.