Teva Q3 Results Beat Estimates; Updates FY13 Outlook - Quick Facts

(RTTNews) - Teva Pharmaceutical Industries Ltd. (TEVA) reported that its third-quarter of 2013 GAAP net income attributable to the company was $711 million or $0.84 per share, compared to GAAP net loss of $79 million or $0.09 per share in the third quarter of 2012.

Non-GAAP net income attributable to the company declined to $1.072 billion or $1.27 per share from $1.11 billion or $1.28 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.26 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the latest-quarter were $5.06 billion, an increase of about 2% from last year's $4.97 billion. Fourteen analysts estimated revenues of $5.00 billion for the quarter. In local currency terms, revenues also went up 2%. The increase was primarily attributable to higher sales of generic medicines in the United States, higher revenues from our global specialty and OTC medicines. This increase was partially offset by a decrease in global API sales to third parties.

The Board of Directors declared a cash dividend for the third quarter of 2013 of NIS 1.15 (approximately 32.6 cents according to the rate of exchange on October 29, 2013) per share. The record date will be November 20, 2013, and the payment date will be December 2, 2013. Tax will be withheld at a rate of 15%.

Looking ahead for 2013, the company now expects Non-GAAP earnings per share to be in the range of $4.95 - $5.05 and net revenues of $19.7 billion - $20.3 billion. Analysts expect the company to report earnings of $5.00 per share and revenues of $20.06 billion for fiscal 2013.

On October 10, the company said that it expected to end the year near the midpoint of its original 2013 ranges for revenue of $19.5 billion to $20.5 billion and non-GAAP earnings per share of $4.85 to $5.15.