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February 10th, 2021 
Awake Goy 
JERUSALEM (Reuters) – Israel-based Teva Pharmaceutical Industries reported fourth-quarter profit that beat estimates on Wednesday and set a 2021 outlook similar to its 2020 results.
The world’s largest generic drugmaker earned 68 cents per diluted share excluding one-time items in the October-December period, up from 62 cents a share a year earlier. Revenue was largely unchanged at $4.45 billion.
Analysts had forecast Teva would earn 63 cents a share ex-items on revenue of $4.37 billion, according to I/B/E/S data from Refinitiv.
Revenue in local currency terms dipped 1% due to lower revenue from Anda, its U.S. distribution business, its multiple sclerosis drug Copaxone and certain oncology products, which were offset by higher sales of U.S. generics drugs, Huntington’s disease treatment Austedo and migraine product Ajovy.
Teva expects sales of Austedo of about $1.05 billion and Ajovy sales of about $300 million in 2021.
Teva noted that its North America segment showed higher demand for products related to the treatment of COVID-19 and its symptoms.
Austedo sales rose 36% to $185 million in the fourth quarter, while sales of Ajovy gained 42% to $36 million. Copaxone, which faces stiff generic competition, fell 19% to $213 million.
Teva projected 2021 adjusted EPS of $2.50-$2.70 and revenue of $16.4-$16.8 billion, compared with adjusted EPS of $2.57 and revenue of $16.7 billion in 2020. Analysts expect EPS of $2.64 and revenue of $16.8 billion.
“We will continue to optimise our manufacturing network, portfolio and pipeline, improve our profitability and generate cash, as we remain on track to repay our debt and achieve our long-term financial targets,” CEO Kåre Schultz said.
Teva’s debt fell to $25.9 billion at the end of 2020 from $26.9 billion a year earlier.
Reporting by Steven Scheer; editing by Ari Rabinovitch and Jason Neely
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