Teva Pharmaceutical (TEVA) reported a fourth quarter of lackluster sales on Wednesday, leading Teva stock to dive for the second straight day.
For the first quarter ended March 31, the generic drugs behemoth reported $3.98 billion in sales. Sales declined 9% and just missed the forecast of analysts polled by FactSet for $4.02 billion. This was the fourth period in which sales either declined or were flat.
Adjusted earnings also toppled 17% to 63 cents per share. But that beat bearish forecasts from Teva stock analysts for 59 cents per share.
On today’s stock market, Teva stock skidded 2.4% to 10.12.
Teva Stock Dips On Lagging Sales
Sales in North America slipped 5% to $1.99 billion.
Teva blamed lower sales from its Anda unit, a generic drug business acquired from Allergan, multiple sclerosis treatment Copaxone and cancer medicines Bendeka and Treanda. Other generic drugs and Austedo, a treatment for involuntary movements, helped partially offset those declines.
“Our North America segment has experienced some reductions in volume due to less physician and hospital activity during the Covid-19 pandemic, but has also experienced increase in demand for certain products related to the treatment of Covid-19 and its symptoms,” Teva said in a news release.
Europe, International Sales Fall
Revenue in Europe and internationally declined 13% each.
Overall, sales of generic drugs ticked down 5% to $2.31 billion. Generic drug sales climbed 11% in the North America business, but fell in Europe and abroad. Another sore point for Teva stock: Its biggest single drug, Copaxone, generated $276 million, falling 16%.
Teva reaffirmed its outlook for 2021. The company calls for $16.4 billion to $16.8 billion in sales and adjusted profit of $2.50-$2.70 per share. Teva stock analysts called for profit of $2.62 a share and $16.7 billion in sales.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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