Teva Pharmaceutical rode two drugs to a second-quarter beat Wednesday, and Teva stock galloped above its 200-day line for the first time in four months.
Chief Executive Richard Francis credited Austedo and new drug Uzedy for the strong results. Austedo treats a movement disorder called tardive dyskinesia, while Uzedy is a schizophrenia treatment. Austedo sales in North America rocketed 51% to $308 million. Teva didn't report Uzedy sales. Uzedy launched in the U.S. in May.
"With this solid performance, we are slightly increasing the midpoint of our revenue guidance for the year and reaffirming all other guidance items," Francis said in a written statement.
On today's stock market, Teva stock popped 11.6%, closing at 9.25. The move put Teva stock well above its 200-day moving average, according to MarketSmith.com.
Teva Stock: Ajovy, Copaxone Mixed
During the second quarter, Teva earned 56 cents per share on $3.88 billion in sales. Though earnings fell 18% year over year, they beat forecasts for 53 cents a share. Analysts called for a lower $3.71 billion in sales. Sales climbed 4%.
Revenue from migraine treatment Ajovy grew to 19% to $105 million, while sales of generics-facing multiple sclerosis drug Copaxone tumbled to $134 million, down 23%. Broadly, sales of Teva's generic medicines brought in $2.27 billion, declining a fraction.
For the year, Teva raised the low end of its sales outlook. The company now expects $15 billion to $15.4 billion in full-year sales. Teva stock analysts had called for adjusted earnings of $2.26 per share and $15 billion in sales.
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