Teva Pharm Q1 profit misses estimates, revenue risea (updated)
08/05/2024 12:55
(Adds detail, reiterates 2024 outlook, share reaction)
By Steven Scheer
JERUSALEM, May 8 (Reuters) - Teva Pharmaceutical
Industries TEVA.TA reported a smaller than expected rise in
first-quarter profit citing higher impairments of tangible
assets, while sales of copycat medicines and its branded drugs
to treat migraines and Huntington's disease rose.
The world's largest generic drugmaker said on Wednesday it
earned 48 cents per diluted share excluding one-time items in
the January-March quarter, up from 40 cents per share a year
earlier. Revenue rose 4% to $3.82 billion.
Analysts had forecast earnings of 51 cents per share
ex-items for the Israel-based company on revenue of $3.73
billion, LSEG I/B/E/S data showed.
Teva TEVA.N said its bottom line was hurt mainly by higher
impairments of tangible assets largely related to the
classification of a business in its international markets
segment as held for sale, as well as restructuring costs.
Teva reiterated its outlook of 2024 revenue of
$15.7-$16.3 billion and adjusted EPS of $2.20-$2.50. In 2023, it
posted revenue of $15.8 billion and adjusted EPS of $2.56.
The company is betting a trio of branded drugs - its
Huntington's treatment Austedo, migraine product Ajovy and the
recently launched schizophrenia drug Uzedy - will help Teva
bounce back from a rough few years.
Austedo's U.S. sales jumped 67% in the quarter to $282
million, while global sales of Ajovy rose 18% to $113 million,
led by a 42% gain in Europe.
U.S. generic drug sales rose 8% to $808 million and also
increased 8% in Europe to $1 billion.
Teva said Phase 3 efficacy results for a once-monthly
injectable drug for adults with schizophrenia it is developing
with France's Medincell MEDCL.PA met its primary endpoint,
helping to push its Tel Aviv-listed shares up 3.6%.
(Reporting by Steven Scheer; editing by Jason Neely)
((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters
Messaging: Twitter: @StevenMScheer))