Teva Pharmaceutical Industries Ltd. (NYSE: SUITS YOU; TASER: SUITS YOU) reported strong results for the second quarter of 2024 and revised its forecast upwards again.
The company reported second-quarter revenue of $4.2 billion, up 7% from the same quarter in 2023. GAAP net loss for 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), 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 feels confident enough to raise its 2024 revenue guidance to $16.0 billion to $16.4 billion, from $15.7 billion to $16.3 billion. $1.6 billion is expected to come from sales of its branded drug Austedo, which treats tardive dyskinesia and Huntington’s chorea, up 2.5% from 2023. Teva expects EBITDA of $4.6 billion to $5 billion in 2024, from $4.5 billion to $5 billion, and raised its non-GAAP profit guidance to $2.3 billion to $2.5 billion from $2.2 billion to $2.5 billion.
Teva returned to growth in 2023 after five years of declining revenue.
Richard Francis, Chairman and Chief Executive Officer of Teva, said: “In the second quarter of 2024, we are encouraged by the positive momentum across all four pillars of our Pivot to Growth strategy. Teva’s global sales of $4.2 billion increased 7% in U.S. dollars, or 11% in local currency, compared to the second quarter of 2023, generating strong growth driven primarily by our generics and innovator businesses, with AUSTEDO growing 32% in the U.S. compared to the second quarter of 2023.”
He added: “We are also making significant progress in our innovative late-stage pipeline, highlighted by the acceleration of the development timeline for duvakitug (Anti-TL1A), with preliminary results now expected in Q4 2024, and full data expected next year.”
Teva’s stock price has risen 57% since the beginning of the year and closed last night on Wall Street with a market capitalization of $18.9 billion.
Update: The company’s stock price is up 5.76% on the NYSE today.
Published by Globes, Israeli business news – fr.globes.co.il – July 31, 2024.
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