=Teva Pharma (TEVA) reported earnings on Mon 13 Feb 2017 (b/o)

Teva Pharma beats by $0.02, beats on revs; reaffirms FY17 EPS and rev guidance :

• Reports Q4 (Dec) earnings of $1.38 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.36; revenues rose 33.0% year/year to $6.49 bln vs the $6.26 bln Capital IQ Consensus, primarily due to the inclusion, following the closing on August 2, of the results of the Actavis Generics business.
  • Generic medicines revenues in the fourth quarter of 2016 were $3.7 billion, an increase of 44% compared to the fourth quarter of 2015, reflecting the results of the Actavis Generics business from August 2, 2016; generic medicines segment generated profit of $1.1 billion in the fourth quarter of 2016, an increase of 55% compared to the fourth quarter of 2015. Generic medicines profitability as a percentage of generic medicines revenues was 28.9% in the fourth quarter of 2016, up from 26.9% in the fourth quarter of 2015.
  • Specialty medicines revenues in the fourth quarter of 2016 were $2.2 billion, up 4% compared to the fourth quarter of 2015; segment profit was $1.1 billion in the fourth quarter of 2016, up 9% compared to the fourth quarter of 2015. U.S. specialty medicines revenues were $1.7 billion, up 5% compared to the fourth quarter of 2015.
  • Global revenues of Copaxone (20 mg/mL and 40 mg/mL), the leading multiple sclerosis therapy in the U.S. and globally, were $1.0 billion, an increase of 6% compared to the fourth quarter of 2015. Copaxone revenues in the United States were $829 million, up 9% compared to $760 million in the fourth quarter of 2015, mainly due to a price increase of 7.9% in January 2016. At the end of Q4, according to December 2016 IMS data, U.S. market shares for the Copaxone products in terms of new and total prescriptions were 27.9% and 29.3%, respectively. Copaxone 40 mg/mL accounted for over 84% of total Copaxone prescriptions in the U.S. Copaxone revenues outside the United States were $186 million, a decrease of 7%, compared to the fourth quarter of 2015 mainly due to loss of tender orders in Russia, partially offset by a volume increase in Europe.
• Co reaffirms guidance for FY17, sees EPS of $4.90-5.30, excluding non-recurring items, vs. $4.89 Capital IQ Consensus Estimate; sees FY17 revs of $23.8-24.5 bln vs. $23.77 bln Capital IQ Consensus Estimate.
• Interim, CEO: "With the entire Teva team, I am conducting a thorough review of the business to find additional opportunities to enhance value."