Teva Pharmaceutical today has presented its Q3 2018 results, which have far exceeded analysts’ expectations, thus the company’s management has improved the current year guidances. Although the Israel-based group still has a negative balance ($-247m) and its sales keep decreasing, the decline is far lower than estimates. Moreover, positively, the severe cut plan imposed by new CEO Kåre Schultz is reportedly successful–the group’s debt has decreased from $35bn last year to $29.5bn. Schultz has announced that Teva will soon save $3bn per year thanks to the drastic plan including job cuts and closure of various production sites. Blockbuster Copaxone (multiple sclerosis) keeps losing market share, due to competition with generics, but the new migraine drug Ajovy, just approved by FDA, has reported a good sales volume.
Investors have soon welcomed the news and Teva’s shares have risen over 12% in few hours.