As New York trading opened, demand plunged stock by more than 11% pre-trade • Reason: The company surprised with $ 69 million in Q1 - 5% higher than expected

• Teva Company, Jerusalem

  Photo: 

  Jonathan Zindel \ Flash 90

On February 12, Teva traded in the country at a rate of 4645 points, and less than a month later, on March 19, it had already plunged to 2,530 points - about 40% less than its closing rate yesterday.

This is the Israeli flagship company, whose gates we were familiar with until three years ago are 11,000 points and much more than that. But as we have written here many times, even after it was almost 90% crashed - it was too early to eulogize it. 

Yesterday, the company released its reports, which show that it posted operating profit of $ 69 million in the first quarter of the year, compared with a loss of $ 105 million in the same quarter last year. Its debts were reduced to $ 26.1 billion after last summer's volume of debt About $ 27 billion, and many in the market estimated its debt year to be even higher, with $ 4.4 billion in first-quarter revenues - which is about $ 5 billion, which is, in fact, 5%, higher than expected. An impressive jump to 20% yesterday on the Tel Aviv Stock Exchange. 

high demand

Already in the pre-trade phase of New York, it jumped 11%. Since the beginning of the year, CEO Kar Schulz says the company is making a lot of money in Europe, which is a novelty for her. When he released the reports yesterday, he said, "We have been impacted by higher demand in our major markets for generic products, over-the-counter products and respiratory products Stronger revenues in these categories, coupled with growth in our operating profit and net income, contributed to strong free cash flow and further reduction of our net debt to $ 24.3 billion. " Schultz also said that 2020 "brought with it an unprecedented global health crisis affecting all countries and industries, including the pharmaceutical industry, which plays many roles in tackling the epidemic. As our industry responds to the challenge, we are reminded of the importance of a reliable supply of quality generic drugs Teva responded to this challenge by supporting the efforts of governments and health services to curb the impact of the virus. "

The company's operating profit reached $ 191 million in the first quarter. The company attributes the improvement in its condition to a drug for treating neural disorders - Oestado, whose sales have soared significantly. Hajubi - the anti-migraine drug recently mentioned as a lifeline to the company - also achieved matching sales expectations. 

The company has undergone some significant optimization moves over the past year, and investors have learned to trust CEO Car Schulz, who shows commitment and determination to bring the company to a growth streak. He recently told reporters he is committed to a 5-year term .