Teva announced the financial results for the 1st quarter of 2020

Teva has published a report on its activities for the 1st quarter of 2020. It is reported that the company's revenue amounted to 4.36 billion dollars, which is 5% more than in the same period last year.

Us GAAP quarterly gross profit increased by 11% to $ 2.06 billion in the first quarter of 2019. EBITDA in the 1st quarter reached 1.37 billion dollars – 19% more than in the 1st quarter of 2019. According to the non-GAAP indicator, diluted earnings per share were $ 0.76.

Free cash flow for the reporting period increased by $ 191 million compared to the same period last year and amounted to $ 551 million. The company primarily attributes this growth to an increase in cash flow from operating activities.

Research and development expenditures totaled $ 221 million, or 5.1% of total quarterly revenue, compared to 6.1% recorded in the first quarter of 2019.the lower percentage of expenditures is primarily related to the life cycles and stages of various projects.

Revenue in the International markets segment of Teva (key markets Russia, Japan and Israel) for the reporting period amounted to $ 565 million, which is $ 44 million or 8% more than in the same period in 2019. The increase in revenue is due to increased sales in Russia, Ukraine, the Asia-Pacific region, and Latin America, despite lower sales in Japan.

Kore Schultz, President and CEO of Teva commented: "The unprecedented events of 2020 have affected all countries and industries, including the pharmaceutical industry, which plays a key role in the fight against the pandemic. Now we are faced with the task of providing reliable supplies of high-quality medicines to meet the increased demand. At the moment, Teva is supporting government agencies and health systems in the fight against the spread of the virus. We have taken all necessary measures to protect the health and well-being of our employees, who are working all the time to ensure the uninterrupted supply of medicines and pharmaceutical substances from our portfolio to customers and millions of patients around the world."