Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) stock was down on Tuesday despite an earnings beat in the third quarter of 2016.
Teva Pharmaceutical Industries Ltd (ADR) reported earnings per share of $1.31 for the third quarter of the year. This is a drop from the earnings per share of $1.35 that it reported during the same time last year. However, it came in above Wall Street’s earnings per share estimate of $1.28 for the quarter.
Revenue reported by Teva Pharmaceutical Industries Ltd (ADR) in the third quarter of 2016 was $5.56 billion. The pharmaceutical company reported revenue of $4.82 billion in the third quarter of 2016. Analysts were looking for TEVA to report revenue of $5.73 billion for the third quarter of 2016.
Teva Pharmaceutical Industries Ltd (ADR) reported net income of $410 million during the third quarter of the year. It reported a net income of $116 million during the same time of the year prior.
Teva Pharmaceutical Industries Ltd (ADR) released its outlook for the fourth quarter of 2016 in its earnings report for the third quarter of the year. TEVA is expecting revenue for the upcoming quarter to be between $6.2 billion and $6.5 billion. It is expecting earnings per share ranging from $1.34 to $1.44 in the quarter. Analysts are estimating revenue of $6.48 billion and earnings per share of $1.42 for this period.
Teva Pharmaceutical Industries Ltd (ADR) also updated its outlook for the full year of 2016 in its most recent earnings report. The company is expecting revenue to range from $21.6 billion to $21.9 billion. It has earnings per share coming in between $5.10 and $5.20. Wall Street is expecting revenue of $22.1 billion and earnings per share of $5.16 for the year.
TEVA stock was down 6% as of Tuesday morning.
