Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) reported strong results for the second quarter of 2024 and again revised its forecast upwards.
The company reported second quarter revenue of $4.2 billion, up 7% from the corresponding quarter of 2023. GAAP net loss in the second quarter was $846 million ($0.75 per share) compared with GAAP net loss of $872 million ($0.78 per share) in the second quarter of 2023. Non-GAAP net profit was $697 million ($0.61 per share) $0.61 compared with $629 million ($0.56 per share) in the second quarter of 2023.
After a strong first half of 2024, Teva feels confident enough to raise its 2024 revenue forecast to $16-16.4 billion, up from $15.7-16.3 billion. $1.6 billion is predicted to come from sales of branded drug Austedo, which treats tardive dyskinesia and Huntington's disease chorea, up 2.5% from 2023. Teva sees EBITDA of $4.6-5 billion in 2024, up from $4.5-5 billion and raised its non-GAAP profit forecast from $2.2-2.5 billion to $2.3-2.5 billion.
Teva returned to growth in 2023 after five years of falling revenue.
Teva's President and CEO Richard Francis said, "In the second quarter of 2024, we are encouraged by the positive momentum across each of the four pillars of our Pivot to Growth strategy. Teva's global revenues of $4.2 billion increased by 7% in U.S. dollars, or 11% in local currency terms compared to the second quarter of 2023, delivering strong growth driven mainly by our generics and innovative business, with AUSTEDO growing 32% in the US compared to Q2 2023."
He added, "We are also showing significant progress in on our late-stage innovative pipeline, underscored by the acceleration of the development timeline of duvakitug (Anti-TL1A), with top-line results now expected in the fourth quarter of 2024, and full data expected next year."
Teva's share price has risen 57% since the start of the year and closed last night on Wall Street with a market cap of $18.9 billion.
Update: The company's share price is up 5.76% on the NYSE today.
Published by Globes, Israel business news - en.globes.co.il - on July 31, 2024.
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