Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA ended the third quarter with $4.33 billion revenue and non-GAAP earnings per share of $0.69, beating the analysts’ consensus, which had forecast $4.12 billion revenue and $0.66 per share. The share price is up 7% on the Tel Aviv Stock Exchange (TASE).
Revenue in the third quarter was 12.5% higher than in the corresponding quarter of 2023. In the first nine months of 2024, Teva reported revenue of $12.3 billion, up 8.1% from the corresponding period of last year. In the third quarter Teva had a GAAP net loss of $437 million, and a GAAP net loss of $1.4 billion in the first nine months of the year. Non-GAAP net profit in the third quarter was $798 million and $2 billion in the first nine months of 2024.
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Last quarter Teva raised 2024 revenue guidance to $16-16.4 billion, up 2.5% from 2023 and a return to growth after five years of shrinking revenue. In its third quarter results, Teva has again raised 2024 revenue guidance, this time to $16.1-16.5 billion.
Share price has risen 80% since start of 2024
Teva’s president and CEO Richard Francis said, “The third quarter of 2024 marks our seventh consecutive quarter of growth, with global revenues reaching $4.3 billion, an increase of 15% in local currency terms compared to the third quarter of 2023. 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. Due to our effort and commitment, we are consistently delivering on our growth strategy, executing on our ambitious targets by following our strategic framework, as we remain laser focused on its four key pillars.”
He added, ” “I am confident that with our newly accelerated innovative pipeline, both early- and late-stage, we are well-positioned to provide meaningful access to medicines for patients who need them, while also delivering continued growth for our shareholders. With these strong results, we are raising our 2024 financial outlook, including on revenues, Adjusted EBITDA, and Non-GAAP EPS.”
Since the start of the year, Teva’s share price has risen 80% and once again the pharmaceutical company has a market cap of more than $20 billion. With a market cap of $21.3 billion, before today’s rises, Teva is once again the most valuable Israeli company traded on Wall Street.
Published by Globes, Israel business news – en.globes.co.il – on November 6, 2024.
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