Teva Beats Analyst Expectations with $3.81 Billion in Q1 Revenue, Reports Net Loss Improvement

In the first quarter of 2024, pharmaceutical company Teva posted revenues of $3.81 billion, representing a growth of 4.3% compared to the same period last year. This revenue exceeded analysts’ forecasts by $18 million. Despite this, Teva recorded a net loss attributable to shareholders of $139 million according to GAAP, an improvement from the loss of $220 million in the corresponding quarter. Non-GAAP net profit was $548 million, up 20% compared to the previous quarter.

Teva’s CEO, Richard Francis, announced that revenue growth in local currency terms was driven by increases in generic drugs and originator drugs Ostedo and Ajobi. The company also reported separate results for the US market, showing revenue growth of 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. International markets also saw sales growth of 2.8% to $597 million with a profit of $117 million