PETAH TIKVA (dpa-AFX) - Teva Pharmaceutical Industries Limited (TEVA) reported that its third-quarter net loss attributable to the company was $79 million or $0.09 per share, compared to net income of $916 million or $1.03 per share in the same quarter last year.
GAAP net income was affected primarily by two significant charges: provision for a loss contingency of $670 million relating to pending patent litigation and impairment, mostly related to in-process R&D, of $481 million.
Non-GAAP net income of $1.1 billion, unchanged compared to the third quarter of 2011. Non-GAAP earnings per share were $1.28, an increase of 2% compared to $1.25 in the third quarter of 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter rose to $4.972 billion from $4.344 billion in the prior year quarter. Twenty two analysts had consensus revenue estimate of $5.07 billion for the quarter.
The Board of Directors, at its meeting on October 30, 2012, declared a cash dividend for the third quarter of 2012 of NIS 1.00 or approximately 25.7 cents according to the rate of exchange on October 30, 2012 per share. The record date will be November 15, 2012, and the payment date will be December 3, 2012. Tax will be withheld at a rate of 20.7%.
For Full year 2012, the company now expects non-GAAP earnings per share to be in the range of $5.32 - $5.38, and net revenues of $20.1 billion and $20.7 billion. While announcing the second-quarter result, the company had expected adjusted earnings of $5.30 to $5.40 per share, with revenues of $20 billion to $21 billion. Analysts expect the company to report earnings of $5.36 per share on revenues of $20.47 billion for fiscal 2012.
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