Teva, a pharmaceutical company, reported revenues of $3.81 billion in the first quarter of 2024, an increase of 4.3% compared to the same period in the previous year. This exceeded analysts’ forecasts and was attributed to growth in local currency terms, particularly in generic and originator drugs. Despite this growth, Teva recorded a net loss attributable to shareholders of $139 million, an improvement from the loss of $220 million in the corresponding quarter. The non-GAAP net profit increased by 20% to $548 million, with a net profit per share of 48 cents, slightly lower than analysts’ expectations of 51 cents.
In terms of geographic performance, sales in the US grew by 2.9% to approximately $1.7 billion, with a profitability of $350 million. European sales increased by 7.4% to $1.27 billion, while international market sales saw a 2.8% increase to $597 million. Teva’s free cash flow was $32 million, with a debt amounting to $19.6 billion, slightly lower than the previous quarter. The company reconfirmed its annual forecast of revenues ranging from $15.7-16.3 billion and Non-GAAP net profit per share of $2.2-2.5
Teva’s CEO Richard Francis expressed satisfaction with the company’s performance and highlighted positive results in its phase 3 trial of the original drug TEV-749 (olanzapine) for schizophrenia treatment developed in collaboration with Medinsal . He remains positive about the potential market value of this drug in the future . Teva has completed its sale of its raw materials division and aims to complete it by the first half of 2025 . The company is listed on both the New York and Tel Aviv Stock Exchanges , and its share price has been on a positive trend since the beginning of the year , reflecting a market value
