Pharmaceutical company Teva reported a 4.3% increase in revenues for the first quarter of 2024, exceeding analysts’ forecasts with $3.81 billion. The company also recorded a net loss attributable to shareholders of $139 million, an improvement from the previous year’s loss of $220 million, with non-GAAP net profit at $548 million.
Teva confirmed its annual revenue forecast and announced positive results from a phase 3 trial for the original drug TEV-749 (olanzapine) for the treatment of schizophrenia. The company’s CEO, Richard Francis, noted a 5% increase in revenues in local currency terms driven by growth in generic drugs and originator drugs Ostedo and Ajobi.
Teva also reported separate results for the US market, which showed revenue growth to approximately $1.7 billion and profitability of $350 million. In Europe, sales grew by 7.4% to $1.27 billion with profitability increasing by 22.6% to $423 million while international markets saw sales growth of 2.8% to $597 million with a profit of $117 million.
The company put its raw materials division up for sale and expects the deal to be completed in the first half of 2025 as it continues to focus on its strategy to return to growth and achieve its milestones. Teva’s share price has trended positively since the beginning of the year, increasing by 33.6%.