Teva Pharmaceutical (NYSE: TEVA) stock was up by 12% on Wednesday. A week ago, the stock hit a new low this year, but now, this stock seems to have ended its downtrend. So, is it time to buy the stock now?
Before the market opened yesterday, Teva reported its results for the second quarter. Teva's revenue had an increase of 1% YoY to $3,910 million for the quarter. The company explained that its revenue was still affected by changes in demand for certain products resulting from the impact of the COVID-19 pandemic.
Notably, Non-GAAP net income attributable to Teva in the second quarter of 2021 was $651 million, compared to $605 million in the second quarter of 2020, an increase of 8% YoY. Anyway, this results for the quarter were no bad, and helped the company to reduce its net debt.
However, due to the effects of the pandemic, Teva lowered its full-year guidance to reflect the continued challenge of the pandemic and is now expecting revenue to range from $16.0 billion to $16.4 billion, compared with earlier guidance of $16.4 billion to $16.8 billion. But Teva stock has the potential for strong gains once the significant decline in the number of new Covid-19 cases in the U.S., therefore, the stock is still worth watching closely.
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