Teva Pharmaceutical (NYSE:TEVA) stock was down on Thursday following the release of its earnings report for the second quarter of 2018.
Teva Pharmaceutical stock was down after the company missed revenue estimates for the second quarter of the year. The company’s revenue for the quarter came in at $4.70 billion. This is down from its revenue of $5.72 billion reported in the same period of the year prior. It was also a blow to Teva Pharmaceutical stock by coming in below Wall Street’s revenue estimate of $4.74 billion for the quarter.
The blow to Teva Pharmaceutical stock comes despite its earnings per share of 78 cents for the second quarter of 2018 beating out estimates. Earnings per share reported by the company in the second quarter of 2017 were $1.02. Analysts were looking for earnings per share of 64 cents for the period.
Net loss reported by Teva Pharmaceutical in the second quarter of the year was sitting at $166 million. This is an improvement over the company’s net loss of $5.98 billion for the same time last year.
Teva Pharmaceutical’s operating loss for the second quarter of 2018 was $14 million. This is better than its operating loss of $5.74 billion that was reported in the second quarter of the previous year.
Teva Pharmaceutical stock is also down even after the company raised its guidance for the full year of 2018 in its most recent earnings report. The company says that it now expects earnings per share for the period to range from $2.55 to 2.80. The previous guidance was for earnings per share to come in between $2.40 and $2.65. Wall Street is looking for earnings per share of $2.69 for the year.
TEVA stock was down 8% as of Thursday afternoon, but is up 24% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.