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Teva Q2 profit falls 17.8% YOY; CFO steps down

Teva Pharmaceutical Industries Ltd. reported a decline in profit in the second quarter and said separately that CFO Michael McClellan is stepping down due to personal reasons requiring him to be near his family.

The Israeli drugmaker is looking for a replacement, and McClellan is expected to remain in the role through the announcement of the company's third-quarter earnings to aid with the transition.

Teva said its non-GAAP net income attributable to ordinary shareholders for the second quarter amounted to 60 cents per share, down 23.1% year over year from 78 cents per share.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 58 cents.

The company said its non-GAAP net income attributable to ordinary shareholders totaled $653.0 million, a decline of 17.8% from $794.0 million in the prior-year period.

Net revenue fell 7.7% on an annual basis to $4.34 billion from $4.70 billion, and research and development expenses declined year over year to $276.0 million from $290.0 million.

The GAAP net loss attributable to ordinary shareholders came to $689.0 million, or a loss of 63 cents per share, compared with a loss of $241.0 million, or a loss of 24 cents per share, in the prior-year period.

Year-to-date through June 30, the company's non-GAAP net income attributable to ordinary shareholders totaled $1.20 per share, a decline from $1.71 per share in the prior-year period.

Non-GAAP net income attributable to ordinary shareholders was $1.31 billion, a fall from $1.75 billion in the prior-year period.

Year-to-date net revenue fell 11.6% year over year to $8.63 billion from $9.77 billion.

Full-year guidance

In reporting results, the company said it forecasts non-GAAP EPS in the range of $2.20 to $2.50 for the full year, an affirmation of the previous expectation.

For the full year, the S&P Global Market Intelligence consensus normalized EPS estimate is $2.38.

The company also expects revenue in the range of $17.00 billion to $17.40 billion for the full year, steady with the previous forecast.