Why TEVA Surged Over 20% Today? Teva Pharmaceutical Industries Ltd.

Jul 27th, 2022 12:27 EST

Why TEVA surged over 20% today during premarket hours? The stock price of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) experienced an increase of more than 20% today during the premarket hours. Here is what you need to know about it. On July 26th, at 16:55 EST, TEVA published its Second Quarter 2022 Financial Results. The financial performance of the company sounded appealing to traders and investors and resulted in a 20% surge in its stock price. Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a pharmaceutical company based in Israel. It has been developing and producing medicines to improve people’s lives for more than a century. Despite global macroeconomic headwinds, TEVA displayed a solid performance that leverages the gradual easing of COVID-19 restrictions in Europe and successful generic launches in the U.S. The company’s key specialty brands, AUSTEDO® and AJOVY® grew their overall market share. Due to the fluctuations in foreign exchange rates, TEVA has lowered its 2022 revenue outlook while reaffirming its earnings and cash flow guidance. TEVA is going to share updates on long-term strategic and financial objectives through 2027 on the quarterly earnings call. The CEO announced that the company is strategically positioned to seize market opportunities and create long-term growth in their focused specialty pipeline and our significant biosimilar pipeline. The company has reached a nationwide agreement in principle, pending participation by states and subdivisions, to resolve the majority of our costly legacy opioids litigation and, importantly, make critical medicines available to those most impacted by the U.S. opioid epidemic. The Nationwide Opioids Settlement will obligate TEVA to pay up to $4.25 billion (including the already settled cases) plus approximately $100 million for the Tribes, spread over 13 years. The second quarter revenue decreased by 3% compared to the same period in 2021. In local currency terms, revenues increased by 1%, mainly due to higher revenues from generic products in our Europe and North America segments, partially offset by lower revenues from COPAXONE and BENDEKA®/TREANDA® in our North America segment. Gross profit also decreased 4%. Most factors showcase a decline for the quarter.

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