Teva Pharmaceuticals’ last quarter profit fell short of expectations but revenue rose

Teva Pharmaceutical Industries (TEVA-US) reported a lower-than-expected first-quarter profit increase due to higher impairments on tangible assets, as well as generic drugs and its brand-name drugs to treat migraines and Huntington\’s disease. sales have increased.

Teva Pharmaceutical Industries (TEVA-US) reported lower-than-expected first-quarter profit growth due to higher impairments on tangible assets and lower sales of generic drugs and its brand-name drugs to treat migraines and Huntington\’s disease. There has been an increase.
The world\’s largest maker of generic drugs said diluted earnings per share, excluding one-time items, in the January-March quarter were 48 cents per share, up from 40 cents per share in the same period a year earlier.
Revenue rose 4% to $3.82 billion.
Analysts had forecast earnings of 51 cents a share for the Israeli company on revenue of $3.73 billion, LSEG I/B/E/S data showed.
Teva said its earnings were hurt primarily by higher impairments on tangible assets related primarily to the classification of its international markets business as held for sale and restructuring costs.
The company reiterated its guidance for 2024 revenue of $15.7-$16.3 billion and adjusted earnings per share in the range of $2.20-$2.50.
In 2023, the company had adjusted earnings of $2.56 per share on revenue of $15.8 billion.
The company is betting that three brand-name drugs: Huntington\’s disease treatment Austedo, migraine product Ajovy and recently launched schizophrenia drug Uzedy will help Teva recover from a difficult past few years.
Austedo\’s U.S. sales grew 67% this quarter to $282 million; Ajovy\’s global sales grew 18% to $113 million, with Europe growing 42%.
U.S. generic drug sales grew 8% to $808 million and Europe also grew 8% to $1 billion.

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