Teva, a pharmaceutical company, reported revenues of $3.81 billion in the first quarter of 2024, marking a 4.3% increase from the same quarter in the previous year and surpassing analysts’ expectations. Despite this growth, Teva recorded a net loss attributable to shareholders of $139 million, an improvement from the loss of $220 million in the corresponding quarter. Non-GAAP net profit increased by 20% to $548 million, with a net profit per share of 48 cents.
Despite facing challenges, Teva’s CEO Richard Francis expressed satisfaction with the company’s performance. The company recorded positive results in its phase 3 trial of the original drug TEV-749 (olanzapine) for schizophrenia treatment, developed in collaboration with Medinsal. The drug has shown promising potential for future market value.
Teva also reported strong geographic performance in Q1 2024. US sales grew by 2.9% to approximately $1.7 billion, while European sales increased by 7.4% to $1.27 billion and international market sales saw a 2.8% increase to $597 million. Sales growth was driven by generic and originator drugs in local currency terms across all regions.
Teva aims to complete the sale of its raw materials division by the first half of 2025 and is currently listed on the New York and Tel Aviv Stock Exchanges with a market value of $15.8 billion
