Teva Q2 top line up 13%; earnings down big; cash flow down 23%; guidance lowered; shares down 9% premarket

|About: Teva Pharmaceutical In... (TEVA)|By:, SA News Editor

Teva Pharmaceutical Industries (NYSE:TEVA) Q2 results ($M): Net Revenues: 5,686 (+12.9%).

Generics: 3,978 (+20.4%) reflecting the inclusion of Actavis Generics.

Specialty Medicines: 2,065 (-9.1%); CNS: 1,158 (-18.2%).

Copaxone sales: 1,023 (-10.3%).

Net Income: (5,970) (-999%); Non-GAAP Net Income: 1,035 (-15.7%); EPS: (5.94) (-999%); Non-GAAP EPS: 1.02 (-18.4%).

Results negatively impacted by due to competitive pressures in U.S. Generics ($6.1B impairment charge recorded) and the continued deterioration in Venezuela.

Cash flow from operations down 23.1% to $741M mainly due to the payment of $113M related to the ciprofloxacin settlement.

2017 Guidance: Revenues: $22.8B - 23.2B from $23.8B - 24.5B; Non-GAAP EPS: $4.30 - 4.50 from $4.90 - 5.30; CF Ops: $4.4B - 4.6B from $5.7B - 6.1B.

Shares are down 9% premarket on robust volume.