By Steven Scheer JERUSALEM (Reuters) -Teva Pharmaceutical Industries raised its 2024 revenue and earnings guidance on Wednesday after beating third-quarter profit forecasts, boosted by strong sales of copycat medicines and its branded drugs to treat migraines and Huntington’s disease. Teva recorded double-digit sales growth in generic drugs as well as in sales of its trio […]
Health
Teva Pharmaceutical sees more growth in 2025 after strong Q3
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By Steven Scheer
JERUSALEM (Reuters) -Teva Pharmaceutical Industries raised its 2024 revenue and earnings guidance on Wednesday after beating third-quarter profit forecasts, boosted by strong sales of copycat medicines and its branded drugs to treat migraines and Huntington’s disease.
Teva recorded double-digit sales growth in generic drugs as well as in sales of its trio of key branded medicines.
“2025 will be a bit of more of the same – more innovative growth, the ability to continue our generics performance, but also then start to add up our biosimilar business,” Chief Executive Richard Francis told Reuters after the results were issued. He did not provide specific numbers.
The world’s largest generic drugmaker said it earned 69 cents per diluted share, excluding one-time items, in the July-September quarter, up from 60 cents per share a year earlier. Revenue rose 15% to $4.33 billion.
Analysts had forecast earnings of 66 cents per share ex-items for the Israel-based company on revenue of $4.12 billion, LSEG I/B/E/S data showed.
The results excluded more than $1.2 billion of one-time costs including a legal settlement and a goodwill impairment for its API business, for which Teva said it would complete a divestment in the first half of 2025.
Last week, the European Commission fined Teva more than $500 million for improperly seeking to protect the patent for its multiple sclerosis drug and for disparaging a rival company’s development of a competing medicine. Francis said Teva disagrees and believes there is a good case for an appeal.
Teva, which has lowered its net debt to $15.7 billion, raised its 2024 revenue estimate to $16.1 billion to $16.5 billion from $16.0 billion to $16.4 billion, expecting higher sales from its Uzedy treatment of schizophrenia.
It now projects 2024 adjusted earnings per diluted share of $2.40-2.50, up from its previous estimate of $2.30-$2.50.
U.S. sales of Uzedy rose to $35 million in the third quarter from $2 million a year earlier and were on track for $100 million in 2024.
Sales of migraine treatment Ajovy rose 21% to $137 million, while Huntington’s disease drug Austedo jumped 28% to $435 million, with an expected $1.6 billion in 2024.
Generic drug sales in the United States climbed 30% to $1.09 billion, led by a copycat version of Revlimid that treats multiple myeloma. Generic sales in Europe grew 10% to $973 million.
Francis also said he was ready to work with the incoming Trump administration in the U.S.
(Reporting by Steven Scheer in Jerusalem; Editing by Louise Heavens, Mark Potter and Matthew Lewis)