Teva Pharmaceutical Industries Co., Ltd. (New York Stock Exchange: Tifa; level: Tifa) reported strong second-quarter 2024 results and revised its outlook upward again.
The company reported second-quarter revenue of $4.2 billion, up 7% from the same quarter in 2023. GAAP net loss in the second quarter was $846 million ($0.75 per share) compared to a GAAP net loss of $872 million ($0.78 per share) in the second quarter of 2023. Non-GAAP net income was $697 million ($0.61 per share) $0.61 compared to $629 million ($0.56 per share) in the second quarter of 2023.
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After a strong first half of 2024, Teva is confident enough to raise its 2024 revenue forecast to $16-16.4 billion, up from $15.7-16.3 billion. $1.6 billion is expected to come from sales of its branded drug Osteo, which treats tardive dyskinesia and Huntington’s disease, up 2.5% from 2023. Teva expects EBITDA to be $4.6-5 billion in 2024, up from $4.5-5 billion, and raised its non-accounting earnings forecast to $2.3-2.5 billion from $2.2-2.5 billion.
Teva returns to growth in 2023 after five years of declining revenue.
“In Q2 2024, we are encouraged by positive momentum across all four pillars of our Transformation to Growth strategy,” said Richard Francis, Teva’s CEO. “Teva’s global revenue of $4.2 billion increased 7% in U.S. dollars, or 11% in local currency, compared to Q2 2023, driven by strong growth primarily from our generics and innovative businesses, with AUSTEDO growing 32% in the U.S. compared to Q2 2023.”
“We are also demonstrating significant progress in our late-stage innovation pipeline, as evidenced by the acceleration of the development timeline for duvakitug (Anti-TL1A), with final results now expected in Q4 2024, and full data expected next year,” he added.
Teva’s stock price is up 57% since the beginning of the year and closed last night on Wall Street with a market value of $18.9 billion.
Update: The company’s stock price rose 5.76% today on the New York Stock Exchange.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 31, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
