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Teva Pharmaceutical’s Earnings Guidance for Fiscal 2019

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Nov. 5 2019, Updated 1:07 p.m. ET

EPS and operating income guidance

In the first-quarter earnings investor presentation, Teva Pharmaceutical (TEVA) reaffirmed its fiscal 2019 EPS guidance of $2.20–$2.50—a decline of 19.52% YoY (year-over-year) at the midpoint. The company assumed that it would have 1,096 shares outstanding at the end of fiscal 2019.

In the presentation, Teva Pharmaceutical reaffirmed its fiscal 2019 operating income guidance of $3.8 billion–$4.2 billion, which will be a YoY decline of 14.89% at the midpoint.

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EPS growth estimates

Analysts expect Teva Pharmaceutical’s non-GAAP EPS to change YoY by -18.13% to $2.39 in fiscal 2019, 8.51% to $2.59 in fiscal 2020, and 9.80% to $2.85 in fiscal 2021.

Analysts also expect Teva Pharmaceutical’s non-GAAP EPS to change YoY by -26.00% to $0.58 in the second quarter, -12.59% to $0.59 in the third quarter, and 16.45% to $0.62 in the fourth quarter of fiscal 2019.

EBITDA guidance and estimates

In the first-quarter earnings investor presentation, Teva Pharmaceutical reaffirmed its fiscal 2019 EBITDA guidance of $4.4 billion–$4.8 billion—a decline of 13.21% YoY at the midpoint.

Analysts expect Teva Pharmaceutical’s non-GAAP EBITDA to change YoY by -12.83% to $4.64 billion in fiscal 2019, 5.87% to $4.91 billion in fiscal 2020, and 6.70% to $5.24 billion in fiscal 2021.

Analysts also expect Teva Pharmaceutical’s non-GAAP EBITDA to change YoY by -20.47% to $1.13 billion in the second quarter, -8.35% to $1.15 billion in the third quarter, and 6.96% to $1.17 billion in the fourth quarter of fiscal 2019.

Debt trends

In the first quarter, Teva Pharmaceutical reported a net debt of $26.7 billion and a net debt-to-EBITDA ratio of 5.45x. According to the first-quarter earnings conference call, the company repurchased bonds worth $100 million. Teva Pharmaceuticals replaced its previous revolving credit facility of $3.0 billion with a new $2.3 billion unsecured syndicated facility.

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