- Teva Pharmaceutical’s stock saw a significant rise following the company’s first-quarter sales report.
- The generic drugs giant reported adjusted earnings of 48 cents per share on $3.82 billion in sales.
- This performance surpassed analysts’ expectations, leading to a surge in the company’s stock value.
Teva Pharmaceutical’s Q1 earnings report exceeded expectations, leading to a surge in stock value and reaffirming the company’s positive outlook for the year.
Teva’s Q1 Earnings Report
Teva Pharmaceutical (TEVA) reported adjusted earnings of 48 cents per share on $3.82 billion in first-quarter sales. This performance surpassed the average expectations of analysts surveyed by FactSet, who predicted the company to earn 52 cents per share and report $3.74 billion in sales. In the year-earlier period, Teva earned 40 cents a share on $3.66 billion in sales.
Stock Market Reaction and Future Outlook
In premarket action on the stock market today, Teva stock surged 5% to 14.64. This surge put Teva stock at its highest point since May 2019. Shares recently retook their 50-day line, according to MarketSurge analysis. Teva stock has a perfect Composite Rating of 99, indicating that shares rank in the top 1% of all stocks in terms of fundamental and technical measures. Shares also have an IBD Digital Relative Strength Rating of 91, which measures 12-month performance on a 1-99 scale. For the year, Teva reaffirmed its outlook for adjusted profit of $2.20 to $2.50 per share and $15.7 billion to $16.3 billion in sales. The Street projected $2.39 earnings per share and $15.8 billion in sales.
Conclusion
Teva’s strong Q1 performance and the subsequent surge in its stock value reaffirm the company’s positive outlook for the year. With its shares ranking in the top 1% of all stocks and a reaffirmed outlook for the year, Teva continues to show promise in the pharmaceutical industry.
