Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Teva Pharm sees lower 2024 profit after large Q4 beat

By Steven Scheer

JERUSALEM (Reuters) -Teva Pharmaceutical Industries forecast lower profit in 2024 after a strong 2023 fourth quarter which benefited from a large upfront payment from Sanofi as part of its collaboration to develop a treatment for inflammatory bowel disease.

The world’s largest generic drugmaker also said on Wednesday it would divest its active pharmaceutical ingredient (API) unit to focus on its core business.

Teva said it earned $1.00 per diluted share excluding one-time items in the October-December quarter, up from 71 cents per share a year earlier. Revenue rose 15% to $4.5 billion.

Its New York shares were 3.2% up in early trading at $12.10.

Sanofi, a leader in immunology, in October said it would invest $1.5 billion in the development of Teva’s anti-TL1A drug with Teva receiving an upfront payment of $500 million. The drug is still in phase 2 trials, with interim results not expected until the second half of 2024.

Analysts had forecast earnings of 77 cents a share ex-items for the Israel-based company on revenue of $4.01 billion, LSEG I/B/E/S data showed.

Teva estimated 2024 adjusted EPS of $2.20-$2.50, lower than $2.56 in 2023 and compared with analysts’ expectations of $2.42. It foresees 2024 revenue of $15.7-$16.3 billion, versus $15.8 billion last year and expectations of $15.6 billion.

CEO Richard Francis told an analysts’ conference call that 2023 was a transformation year for Teva as it accomplished a goal of returning to growth, which it expects to accelerate between 2025 and 2027 given its pipeline of products.

“We are gaining momentum,” he said. “And now it’s about executing as we did in 2023 in 2024.”

Teva has struggled since 2016 to recover from the loss of exclusivity to its multiple sclerosis drug Copaxone, and to cut $35 billion of debt as it fought a spate of lawsuits alleging it helped fuel the U.S. opioid epidemic.

But the company has started to show signs of recovery and is betting a trio of its branded drugs – Austedo, migraine product Ajovy and schizophrenia drug Uzedy – will help it bounce back. Teva also has a number of biosimilars in its pipeline and its net debt is down to $16.6 billion.

After hitting revenue of $1.2 billion in 2023, Austedo is projected to reach $1.5 billion this year and $2.5 billion by 2027. Ajovy is projected to reap revenue of $500 million while the just-launched Uzedy is forecast to generate $80 million this year.

(Reporting by Steven Scheer; editing by Jason Neely and Emelia Sithole-Matarise)

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts