Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) reported strong outcomes for the second quarter of 2024 and as soon as extra revised its forecast upwards.
The company reported second quarter revenue of $4.2 billion, up 7% from the corresponding quarter of 2023. GAAP web loss throughout the second quarter was $846 million ($0.75 per share) in distinction with GAAP web lack of $872 million ($0.78 per share) throughout the second quarter of 2023. Non-GAAP web income was $697 million ($0.61 per share) $0.61 in distinction with $629 million ($0.56 per share) throughout the second quarter of 2023.
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After a sturdy first half of 2024, Teva feels assured ample to spice up its 2024 revenue forecast to $16-16.4 billion, up from $15.7-16.3 billion. $1.6 billion is predicted to come back again from product sales of branded drug Austedo, which treats tardive dyskinesia and Huntington’s sickness 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 income forecast from $2.2-2.5 billion to $2.3-2.5 billion.
Teva returned to progress in 2023 after 5 years of falling revenue.
Teva’s President and CEO Richard Francis acknowledged, “Throughout the second quarter of 2024, we’re impressed by the optimistic momentum all through each of the 4 pillars of our Pivot to Growth approach. Teva’s worldwide revenues of $4.2 billion elevated by 7% in U.S. {{dollars}}, or 11% in native foreign exchange phrases as compared with the second quarter of 2023, delivering strong progress pushed primarily by our generics and revolutionary enterprise, with AUSTEDO rising 32% throughout the US as compared with Q2 2023.”
He added, “We’re moreover displaying essential progress in on our late-stage revolutionary pipeline, underscored by the acceleration of the occasion timeline of duvakitug (Anti-TL1A), with top-line outcomes now anticipated throughout the fourth quarter of 2024, and full data anticipated subsequent 12 months.”
Teva’s share value has risen 57% given that start of the 12 months and closed ultimate night on Wall Avenue with a market cap of $18.9 billion.
Change: The company’s share value is up 5.76% on the NYSE in the mean time.
Printed by Globes, Israel enterprise data – en.globes.co.il – on July 31, 2024.
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