Teva Pharmaceutical Industries Ltd. said fourth-quarter earnings declined year over year, and it forecast a drop in revenue for 2018.
Non-GAAP net income attributable to Teva in the quarter was down to $1.01 billion, or 93 cents per share, from $1.48 billion, or $1.38 per share, a year earlier.
The S&P Capital IQ normalized EPS consensus estimate for the fourth quarter was 76 cents.
The Israeli drugmaker's revenues fell by 16% to $5.46 billion, from $6.49 billion in the same year-ago period, mainly due to generic competition for its key products as well as the challenging market dynamics in the U.S. generics market.
On a GAAP basis, net loss attributable to Teva was $11.54 billion, or a loss of $11.41 per share, compared to a net loss of $973 million, or a loss of $1.10 per share, in the corresponding quarter of 2016.
Full-year results and 2018 guidance
For the full-year 2017, non-GAAP net income attributable to Teva fell to $4.34 billion, or $4.01 per share, from $5.24 billion, or $5.14 per share, in 2016.
Net revenues rose 2% year over year to $22.39 billion from $21.90 billion.
On a GAAP basis, net loss attributable to Teva was $16.27 billion, or $16.26 per share, from the net income of $329 million, or 7 cents per share, a year ago.
The S&P Capital IQ normalized EPS consensus estimate for the year was $3.84.
Teva targets 2018 non-GAAP EPS in the range of $2.25 to $2.50, with full-year revenue of $18.3 billion to $18.8 billion.
The S&P Capital IQ normalized EPS consensus estimate for 2018 is $2.99.
