Teva, a pharmaceutical company, has announced its financial results for the first quarter of 2024. The company reported revenues of $3.81 billion, which was an increase of 4.3% compared to the same period last year and exceeded analysts’ forecasts by $57 million. Teva recorded a net loss attributable to shareholders of $139 million, which was an improvement from the loss of $220 million in the corresponding quarter.
The company’s non-GAAP net profit was $548 million, which was a 20% increase compared to the previous quarter. Teva also confirmed its annual forecast for revenues, operating profit, EBITDA, free flow, and net profit per share. The company is listed on both the New York and Tel Aviv Stock Exchanges with its share price increasing by 33.6% since the beginning of the year.
Teva’s CEO Richard Francis noted that there was a 5% increase in revenues in local currency terms driven by growth in generic drugs and originator drugs Ostedo and Ajobi. Additionally, separate results for the US market showed revenue growth to approximately $1.7 billion with profitability reaching $350 million. In Europe, sales grew by 7.4% to $1.27 billion with profitability increasing by 22.6% to $423 million while international markets saw sales growth of 2.8% to $597 million with a profit margin of $117 million respectively
Teva also announced positive results from a phase three trial for drug TEV-749 (olanzapine) used in treating schizophrenia adding another milestone towards returning to growth strategy and achieving goals as per their forecasts . Moreover , Teva put its raw materials division up for sale and expects it to be completed within the first half of 2025 .