Teva Pharmaceutical has reported a net loss of $437m, or $0.39 per diluted share, for the third quarter ended 30 September 2024, compared to a net profit of $69m, or $0.06 per diluted share, for the same quarter in 2023.
The Israeli drugmaker has reported a net loss of $846m for the second quarter (Q2) of 2024.
The company reported net revenues of $4.33bn for Q3 2024, a 13% increase compared to $3.85bn for the same quarter in 2023, and a 4% rise compared to $4.16bn for Q2 2024.
Teva reported an operating loss of $51m for Q3 2024, compared to an operating income of $344m for the respective quarter in the previous year.
The pharmaceutical company reported a loss before tax of $324m for Q3 2024, compared to an income before tax of $64 for the same period in the previous year.
Teva attributed the net revenues to generic products in all segments, from AUSTEDO in our US and the sale of product rights in Europe and International Markets.
Teva president and CEO Richard Francis said: “The third quarter of 2024 marks our seventh consecutive quarter of growth, with global revenues reaching $4.3bn, an increase of 15% in local currency terms compared to the third quarter of 2023.
“Our innovative portfolio and generics business drove strong performance in the third quarter of 2024, reflecting the successful execution of our Pivot to Growth Strategy.
“Due to our effort and commitment, we are consistently delivering on our growth strategy, executing on our ambitious targets by following our strategic framework, as we remain laser-focused on its four key pillars.”
Teva reported a net loss of $1.42bn, or $1.26 per diluted share, for the first nine months (9M) ended 30 September 2024, compared to a net loss of $1.02bn, or $0.91 per diluted share, for the same period in 2023.
The pharmaceutical company reported net revenues of $12.31bn for 9M 2024, an 8% rise compared to $11.38bn for the respective period in the previous year.
Teva reported an operating loss of $274m for 9M 2024, compared to an operating loss of $323m for the same period in 2023.
The Israeli drugmaker reported a loss before tax of $1.03bn for 9M 2024, compared to a loss before tax of $1.13bn for the respective period in the previous year.
Francis added: “I am confident that with our newly accelerated innovative pipeline, both early- and late-stage, we are well-positioned to provide meaningful access to medicines for patients who need them, while also delivering continued growth for our shareholders.
“With these strong results, we are raising our 2024 financial outlook, including on revenues, Adjusted EBITDA, and Non-GAAP EPS.”
Recently, Teva has been fined €462.6m by the European Commission (EC) for abusing its market position to delay competition for its multiple sclerosis drug, Copaxone.
