Teva Pharmaceutical Industries Ltd. reported strong growth in their second-quarter revenues for 2024, with an increase of 7% in U.S. dollars or 11% in local currency terms compared to the same period in 2023. The company's generics business experienced growth across all regions, with increases in local currency terms of 16% in the U.S., 8% in Europe, and 22% in international markets compared to the second quarter of 2023.
The company's product, Austedo, saw continued growth, with U.S. revenue reaching $407 million in the second quarter of 2024, marking a 32% increase compared to the same period in 2023. As a result, Teva raised its 2024 revenue outlook for Austedo to approximately $1.6 billion.
Global revenues for Ajovy reached $115 million in the second quarter of 2024, reflecting a 12% increase in local currency terms compared to the second quarter of 2023.
Teva also announced positive phase 3 efficacy results for Olanzapine LAI (TEV-749), with approximately 95% of the target injections completed and no PDSS observed.
In terms of financial performance, Teva reported revenues of $4.2 billion for the second quarter of 2024, a GAAP loss per share of $0.75, and a non-GAAP diluted EPS of $0.61. The company also generated cash flow from operating activities of $103 million and free cash flow of $324 million.
Looking ahead, Teva raised its full-year 2024 business outlook, projecting revenues of $16.0 * $16.4 billion, Austedo revenues of approximately $1.6 billion, adjusted EBITDA of $4.6 * $5.0 billion, and non-GAAP diluted EPS of $2.30 * $2.50.
Teva's President and CEO, Mr. Richard Francis, expressed encouragement over the positive momentum across the company's growth strategy, attributing the strong revenue growth to the generics and innovative business, with Austedo exhibiting significant growth in the U.S.
The company's pivot to growth strategy, introduced in May 2023, is based on four key pillars, including delivering on growth engines, stepping up innovation, sustaining their generics medicines powerhouse, and focusing the business by optimizing the portfolio and global manufacturing footprint.
In terms of financial performance, Teva's gross profit in the second quarter of 2024 was $2,024 million, representing a 13% increase compared to the same period in 2023. The non-GAAP gross profit margin was 52.9% in the second quarter of 2024, compared to 52.2% in the second quarter of 2023.
Research and development expenses increased by 12% to $269 million in the second quarter of 2024, while selling and marketing expenses increased by 9% to $656 million. However, general and administrative expenses decreased by 8% to $283 million in the same period.
The market has reacted to these announcements by moving the company's shares -1.6% to a price of $16.41. If you want to know more, read the company's complete 8-K report here.
