In the first quarter of 2024, the pharmaceutical company Teva reported revenues of $3.81 billion, a 4.3% increase compared to the same quarter in the previous year, exceeding analysts’ forecasts. 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. Non-GAAP net profit, excluding certain items, increased by 20% to $548 million, with a net profit per share of 48 cents, slightly lower than analysts’ expectations of 51 cents.
Teva’s free cash flow in the first quarter 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, highlighting growth in local currency terms, particularly in generic and originator drugs. Teva also reported positive results in its phase 3 trial of the original drug TEV-749 (olanzapine) for schizophrenia treatment, developed in collaboration with Medinsal. The company remains positive about the potential market value of this drug in the future.
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 share price has been on a positive trend since the beginning of the year, reflecting a market value of $15.8 billion. The company aims to complete the sale of its raw materials division by the first half of 2025. Teva is listed on the New York and Tel Aviv Stock Exchanges.