Teva Pharmaceutical Industries today reported a smaller than expected rise in first-quarter profit citing higher impairments of tangible assets, while sales of copycat medicines and its branded drugs to treat migraines and Huntington's disease rose.
The world's largest generic drugmaker said today it earned 48 cents per diluted share excluding one-time items in the January-March quarter, up from 40 cents per share a year earlier. Revenue rose 4% to $3.82 billion.
Analysts had forecast earnings of 51 cents per share ex-items for the Israel-based company on revenue of $3.73 billion, LSEG data showed.
Teva said its bottom line was hurt mainly by higher impairments of tangible assets largely related to the classification of a business in its international markets segment as held for sale, as well as restructuring costs.
It reiterated its outlook of 2024 revenue of $15.7-$16.3 billion and adjusted EPS of $2.20-$2.50. In 2023, it posted revenue of $15.8 billion and adjusted EPS of $2.56.
The company is betting a trio of branded drugs - its Huntington's treatment Austedo, migraine product Ajovy and the recently launched schizophrenia drug Uzedy - will help Teva bounce back from a rough few years.
Austedo's US sales jumped 67% in the quarter to $282m, while global sales of Ajovy rose 18% to $113m, led by a 42% gain in Europe.
US generic drug sales rose 8% to $808m and also increased 8% in Europe to $1 billion.
Teva said Phase 3 efficacy results for a once-monthly injectable drug for adults with schizophrenia it is developing with France's Medincell met its primary endpoint, helping to push its Tel Aviv-listed shares up 3.6%.
