With the recovery of the generic drug market in the United States Teva Pharmaceutical Industries Limited (New York Stock Exchange: Tifa; level: Tifa) It ended the first quarter of 2024 with revenues of $3.81 billion, an increase of 4.3% from the first quarter of 2023, and above analysts’ expectations of $3.73 billion.
The Israeli pharmaceutical company reported a GAAP net loss of $139 million, down from $220 million in the first quarter of 2023. GAAP net profit grew 20% to $548 million, or $0.48 per share, lower than analysts' EPS expectations of $0.51. .
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Teva's free cash flow at the end of the first quarter was $32 million and its debt was $19.6 billion.
The company reaffirmed its annual forecast, which it provided earlier this year, and continues to expect revenue of $15.7-16.3 billion, non-GAAP operating profit of $4-4.5 billion, and earnings before interest. EBITDA of $4.5 billion to $5 billion, free cash flow of $1.7 billion to $2 billion, and other – GAAP net earnings of $2.2 to $2.5 billion.
Teva's stock price has risen 33.6% since the beginning of the year, and at the close of trading on Wall Street yesterday, the company's market value reached $15.8 billion.
“In 2024, Teva is off to a good start, with global revenues of $3.8 billion showing growth of 5% in local currency terms compared to the first quarter of 2023, supported by strong growth in our generic medicines business,” said Richard Francis, President and CEO of Teva. in all regions and the continued growth of our innovative brands AUSTEDO and AJOVY.”
He added: “As we celebrate the first anniversary of our pivotal growth strategy, I am proud of the great strides we have made in achieving the goals and milestones we have set out to achieve on our growth journey, including the progress of our business. Innovative pipelines and growth engines, as well as FDA approvals.” Recent US trials of SIMLANDI and SELARSDI, biosimilars for Humira® and Stelara®, respectively, and positive phase III efficacy results for the once-monthly olanzapine LAI announced this morning as the primary endpoint, demonstrating an effective, long-acting, well-tolerated treatment option for schizophrenia. character, with no cases of postinjection delirium/sedation syndrome (PDSS) observed to date, and as we continue to accelerate our growth progress, we reaffirm our 2024 financial guidance.”
Meanwhile, Teva and Medincell reported positive results in a Phase 3 trial of the schizophrenia drug Olanzapine.
Published by Globes, Israel Business News – en.globes.co.il – on May 8, 2024.
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