Generic drugs behemoth Teva Pharmaceutical (TEVA) reported light profit and flat sales Wednesday, and TEVA stock tumbled.
During the March quarter, Teva earned an adjusted 40 cents per share on $3.66 billion in sales. Teva’s earnings toppled 27% year over year and lagged expectations for 56 cents a share. Sales were flat, though topped forecasts for $3.62 billion, according to FactSet.
In morning trading on today’s stock market, Teva stock toppled 9.1% to 8.27. Shares skidded below their 50-day moving average, according to MarketSmith.com.
Teva Stock: Austedo Misses, Ajovy Beats
Revenue from generic drugs proved a mixed bag for Teva during the first quarter. Overall, sales were flat at $2.16 billion. But that handily beat Teva stock analysts’ expectations for $908 million. North America sales tumbled 8%, while sales in Europe and internationally rose a respective 6% and 3%.
Teva’s single biggest moneymaker is Austedo, a treatment for involuntary movements in patients with Huntington’s disease or tardive dyskinesia. Austedo only sells in North America. Sales rose 10% to $170 million. But Austedo widely missed expectations for $245.5 million in sales.
Meanwhile, broadly approved migraine treatment Ajovy put up $95 million in sales, rocketing 32% and beating calls for $88 million.
The struggles continued, however, for Teva’s generics-facing multiple sclerosis drug, Copaxone. Sales tumbled 12.5% to $147 million, though were ahead of projections for $139 million.
For the year, the generic pharma giant kept its guidance for adjusted profit of $2.25-$2.55 per share and $14.8 billion to $15.4 billion in sales. Teva stock analysts called for earnings of $2.40 per share and $15.04 billion in sales.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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