TEL AVIV - Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) reported better-than-expected third quarter results and raised its full-year guidance on Wednesday, sending shares up 3% in premarket trading.
The Israeli drugmaker posted adjusted earnings per share of $0.69 on revenue of $4.3 billion for Q3 2024, surpassing analyst estimates of $0.6611 EPS and $4.14B. Revenue grew 15% YoY in local currency terms, driven by strong performance in generics and key branded drugs.
Teva's flagship multiple sclerosis drug AUSTEDO saw U.S. sales jump 28% to $435 million. The company reaffirmed its 2024 revenue outlook of approximately $1.6 billion for AUSTEDO. Meanwhile, migraine treatment AJOVY generated global revenue of $137 million, up 21% YoY in local currency.
"The third quarter of 2024 marks our seventh consecutive quarter of growth," said CEO Richard Francis. "Our innovative portfolio and generics business drove strong performance in the third quarter of 2024, reflecting the successful execution of our Pivot to Growth Strategy."
Teva raised its full-year 2024 guidance, now expecting revenue between $16.1-$16.5 billion and adjusted EPS of $2.40-$2.50. The company also increased its outlook for UZEDY, a new schizophrenia treatment, from $80 million to approximately $100 million in 2024 revenue.
The generic drug business saw robust growth across all regions, with U.S. sales up 30%, Europe up 8%, and International Markets up 13% in local currency terms compared to Q3 2023.
Teva reported operating cash flow of $693 million and free cash flow of $922 million for the quarter. The company remains on track to divest its API business in the first half of 2025.
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