Teva's Tepid 2013 Forecast Trails Expectations

By Matt Egan Industrials FOXBusiness

Teva Pharmaceutical CEO Jeremy Levin

Generic drug giant Teva Pharmaceuticals (TEVA) disappointed Wall Street on Friday by unveiling forecasts for 2013 earnings and revenue that trail forecasts from analysts.

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Teva said it anticipates generating non-GAAP EPS of $4.85 to $5.15 in 2013. Even the high end of the new forecast would widely miss consensus calls from analysts for EPS of $5.71.

Management also forecasted full-year sales of $19.5 billion to $20.5 billion, compared with the Street’s view of $20.85 billion.

Teva expects to log U.S. revenue of $10 billion to $10.6 billion and European sales of $5.5 billion to $6.1 billion. The company sees revenue of $3.7 billion to $4.3 billion in the rest of the world.

Cash flow from operations is seen ranging between $4.5 billion and $4.8 billion.

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Teva’s tepid outlook comes after the company disclosed stronger-than-expected quarterly earnings earlier this month.

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Shares of Teva declined 1.67% to $39.55 in premarket trading Friday morning. The stock is flat so far in 2012 and up 1.2% from 12 months ago.