Teva gains after lifting outlook on YTD performance

Shares of Teva Pharmaceutical (NYSE:TEVA) gained in the premarket on Wednesday after the generic drugmaker reported better-than-expected Q2 2024 financials and raised its full-year outlook, citing YTD performance.

Israel-based Teva (TEVA) reported $4.2B in revenue for the quarter, indicating ~7% YoY growth as its generics business expanded across all regions, generating ~$2.5B globally with ~9% YoY growth.

Meanwhile, Teva’s (TEVA) movement disorder therapy, Austedo, added $407M from the U.S., representing 32% YoY growth, and Copaxone, a treatment for multiple sclerosis, brought $148M globally, with ~11% YoY growth.

“In the second quarter of 2024, we are encouraged by the positive momentum across each of the four pillars of our Pivot to Growth strategy,” CEO Richard Francis remarked, referring to a turnaround plan the company announced in May 2023.

Citing the upcoming milestones and the strong performance in H1 2024, TEVA raised its full-year revenue outlook to $16.0B–$16.4B compared to $15.7B–$16.3B previously and $15.99B in the consensus.

The guidance raise was mainly driven by revised estimates for Austedo and Copaxone, from which Teva (TEVA) now expects $1.6B and $450M this year, compared to $1.5B and $400M previously.

Meanwhile, the company’s adjusted earnings outlook of $2.30–$2.50, revised from $2.20–$2.50 in diluted terms, stood ahead of $2.46 in the consensus.