Teva misses on Q3 profit and revenue

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today reported results for the quarter ended September 30, 2022. Revenue for the second quarter was $3.6 billion, below the analysts’ estimates of $3.8 billion. Earnings per share was $0.59, below the analysts’ estimates of $0.62.

Teva also cut its revenue guidance for 2022 to $14.8-15.4 billion from $15-15.6 billion.

Following publication of Teva’s third quarter results, the Israeli pharmaceutical company’s share price was down 3.5% in premarket trading on Wall Street.

Teva president and CEO Kåre Schultz said, “Teva delivered a solid third quarter on the backdrop of significant foreign exchange headwinds due to appreciation of the US dollar. Generics revenues grew in Europe and International Markets in local currency terms, reflecting market growth and successful new product launches. Our key specialty brands also performed well, with continued growth momentum across all regions – AUSTEDO showed 30% US revenue growth and is on track to reach – $1 billion 2022 annual revenues. AJOVY shows continued growth in revenues and market share in US and Europe, and reached 28% volume market share in Japan.”

Published by Globes, Israel business news – en.globes.co.il – on November 3, 2022.

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