Teva Pharmaceutical Industries Limited (New York Stock Exchange: Tifa; level: Tifa It ended the third quarter with revenue of $4.33 billion and non-GAAP earnings per share of $0.69, beating the consensus of analysts who expected revenue of $4.12 billion and $0.66 per share. The share price rose by 7% on the Tel Aviv Stock Exchange (TASE).
Revenues in the third quarter were 12.5% higher than in the corresponding quarter of 2023. In the first nine months of 2024, Teva reported revenues of $12.3 billion, up 8.1% from the corresponding period last year. In the third quarter, Teva had a GAAP net loss of $437 million, and a GAAP net loss of $1.4 billion in the first nine months of the year. Non-GAAP net earnings in the third quarter were $798 million and $2 billion in the first nine months of 2024.
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Teva last quarter raised revenue guidance for 2024 to $16-16.4 billion, up 2.5% from 2023 and returning to growth after five years of shrinking revenue. In its third-quarter results, Teva again raised its 2024 revenue guidance, this time to $16.1-$16.5 billion.
The stock price is up 80% since the start of 2024
“The third quarter of 2024 represents the seventh consecutive quarter of growth, with global revenues reaching $4.3 billion, an increase of 15% in local currency compared to the third quarter of 2023,” said Teva President and CEO Richard Francis. Generics demonstrated a strong performance in the third quarter of 2024, reflecting the successful implementation of our pivot to growth strategy. Given our efforts and commitment, we continue to implement our growth strategy, implementing our ambitious goals by following our strategic framework while continuing to focus on its four core pillars.”
He added: “I am confident that with our newly accelerated innovation pipeline, both early and late-stage, we are well positioned to provide effective access to medicines for patients who need them, while also delivering continued growth for our shareholders. With these strong results, we are raising our expectations.” fiscal 2024, including revenue, adjusted EBITDA and non-GAAP earnings per share.”
Since the beginning of the year, Teva’s stock price has risen 80%, and the pharmaceutical company once again has a market capitalization of more than $20 billion. With a market value of $21.3 billion, before today’s rises, Teva once again became the most valuable Israeli company on Wall Street.
Published by Globes, Israel Business News – en.globes.co.il – on November 6, 2024.
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