Teva ended the first quarter of 2024 with revenues of $3.81 billion, representing a growth of 4.3% compared to the same period in the previous year. This revenue exceeded analysts’ forecasts of $3.73 billion, indicating a positive trend for the company.
Despite recording a net loss attributable to shareholders of $139 million according to GAAP, an improvement from the loss of $220 million in the corresponding quarter, Teva’s non-GAAP net profit was $548 million, representing a 20% increase compared to the previous quarter.
Teva confirmed its annual forecast for revenues, operating profit, EBITDA, free flow, and net profit per share. The company’s share price has been trending positively and increasing by 33.6% since the beginning of the year.
Teva’s CEO Richard Francis noted that there was a 5% increase in revenues in local currency terms, driven by growth in generic drugs and originator drugs Ostedo and Ajobi. The company also reported separate results for the US market, which showed revenue growth to approximately $1.7 billion and profitability of $350 million.
In Europe, sales grew by 7.4% to $1.27 billion, with profitability increasing by 22.6% to $423 million. International markets also saw sales growth of 2.8% to $597 million with a profit of $117 million. Teva announced positive results in a phase 3 trial for the original drug TEV-749 (olanzapine) for the treatment of schizophrenia.
In addition to its focus on returning to growth and achieving milestones, Teva put its raw materials division up for sale and expects the deal to be completed in the first half of 2025. Expressions of violence, racism, incitement or inappropriate discourse are filtered out and not published on this website