Teva Pharmaceutical Industries Ltd

Latest Results (17.12.2024):

Revenue Growth

Teva Pharmaceutical Industries Ltd. reported a significant increase in revenues for the third quarter of 2024, reaching $4.3 billion. This represents a 13% increase in U.S. dollars and a 15% increase in local currency terms compared to the same quarter in 2023. The growth was primarily driven by higher revenues from generic products and the strong performance of AUSTEDO in the United States.

Product Performance

Key products contributed to Teva's strong financial results in Q3 2024. AUSTEDO achieved U.S. revenues of $435 million, marking a 28% increase from Q3 2023. AJOVY also showed robust growth, with global revenues of $137 million, a 21% increase in local currency terms. UZEDY is gaining traction in the U.S. market, with revenues of $35 million, prompting an upward revision of its 2024 revenue outlook to approximately $100 million.

Operating Income and Expenses

Teva reported an operating loss of $51 million for the third quarter of 2024, compared to an operating income of $344 million in Q3 2023. This shift was mainly due to a goodwill impairment charge and higher legal settlements. However, the non-GAAP operating income was $1,214 million, reflecting a non-GAAP operating margin of 28.0%, an improvement from 26.5% in the previous year, driven by lower operating expenses as a percentage of revenues.

Cash Flow and Earnings

In Q3 2024, Teva generated $693 million in cash flow from operating activities and reported a free cash flow of $922 million. The company posted a GAAP loss per share of $0.39, while the non-GAAP diluted EPS was $0.69. These figures highlight Teva's ability to maintain strong cash flow despite the reported operating loss.

Financial Outlook

Teva has raised its financial outlook for the full year 2024, anticipating revenues between $16.1 billion and $16.5 billion. The company expects an adjusted EBITDA of $4.7 billion to $5.0 billion and a non-GAAP diluted EPS ranging from $2.40 to $2.50. This optimistic outlook is supported by the continued growth of its innovative portfolio and generics business.