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On Wednesday, Teva Pharmaceutical Industries Ltd (NYSE:TEVA) reported second-quarter 2024 sales of $4.16 billion, beating the consensus of $4.06 billion.
Revenues increased 7% year-over-year and 11% on constant currency, mainly due to higher revenues from generic products in all segments and Austedo in the U.S. and International Markets segments.
Also Read: FTC Crackdown on Teva Pharmaceuticals Over Inhaler Patent Abuse.
The company’s Generics business grew across all regions – it increased in local currency terms by 16% in the U.S., 8% in Europe, and 22% in International Markets, compared to Q2 2023.
Austedo U.S. revenue reached $407 million, an increase of 32% year-over-year. Ajovy’s global revenues increased by 12% to $115 million.
The company also announced an accelerated development timeline for duvakitug (Anti-TL1A) – top-line results are now expected in Q4 2024, with full data expected next year.
The company reported an adjusted EPS of 61 cents, higher than 56 cents a year ago, beating the consensus of 55 cents.
The adjusted gross profit margin was 52.9% in the second quarter of 2024, compared to 52.2% a year ago, mainly due to a favorable mix of products, primarily driven by growth in Austedo revenues.
Adjusted operating margin reached 25.3%, down from 26.1% a year ago.
Adjusted EBITDA was $1.17 billion in the second quarter of 2024, an increase of 4%, compared to $1,125 million in the second quarter of 2023.
Outlook: Teva expects fiscal year 2024 revenues of $16.0 billion—$16.4 billion, versus prior guidance of $15.7 billion—$16.3 billion and consensus of $16.012 billion.
The company raised 2024 Austedo sales guidance to $1.6 billion, up from a prior outlook of $1.5 billion.
The generic pharma player expects 2024 adjusted EPS of $2.30-$2.50 versus prior guidance of $2.20-$2.50 and consensus of $2.34.
Price Action: TEVA stock is up 6.22% at $17.43 at last check Wednesday.
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Posted In: TEVA
