Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) share price is over 2% higher after the Israeli company again raised its annual revenue guidance for 2023 to $15.1-15.5 billion from $15-15.4 billion. Teva will return to revenue growth after five years in which its revenue has shrunk.
In its financial report for the third quarter of 2023, Teva recorded revenue of $3.9 billion and non-GAAP earnings per share of $0.60. The analysts had forecast revenue of $3.72 billion and earnings per share of $0.61.
Teva president and CEO Richard Francis said, "Currently, our production remains largely unaffected (by the war), and we have increased our emergency medical supplies, product donations and other supporting activities."
Earlier this week, the company announced the appointment of Dr. R. Ananthanarayanan (Ananth) as CEO of its Teva Active Pharmaceutical Ingredients business. He was previously a senior executive in the company but left in 2018. He will lead activities that as part of Teva's new strategy will become an independent activity.
Last month, Teva announced a collaboration with Sanofi on the development of its branded drug TEV-574, which is in clinical trials for the treatment of inflammatory bowel disease.
Published by Globes, Israel business news - en.globes.co.il - on November 8, 2023.
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