Q2 2024 Teva Pharmaceutical Industries Ltd Earnings Call Transcript
Key Points
- Teva Pharmaceutical Industries Ltd (TEVA) reported a strong 11% revenue growth in Q2 2024, reaching $4.2 billion.
- The company increased its full-year guidance for revenue, EBITDA, and EPS due to strong performance.
- AUSTEDO showed impressive growth with a 32% increase in revenue, prompting an upward revision of its annual revenue guidance from $1.5 billion to $1.6 billion.
- Teva launched SIMLANDI, a biosimilar Humira, and received FDA approval for a biosimilar of Stelara, with a planned launch in February 2025.
- The innovative pipeline is progressing well, with significant advancements in Olanzapine LAI and TL1A, and a new Phase 2 study for MSA treatment starting later this year.
- Teva reported a GAAP net loss of $846 million in Q2 2024, slightly lower than the $872 million loss in the same quarter last year.
- The company's free cash flow decreased to $324 million in Q2 2024 from $632 million in Q2 2023, mainly due to changes in working capital items.
- Non-GAAP operating margin decreased to 25.3% from 26.1% in Q2 2023, due to higher sales, marketing, and R&D expenses.
- The TAPI business is undergoing a divestment process, with completion targeted by H1 2025, but no specific financial details or proceeds have been disclosed.
- There is uncertainty regarding the impact of the Inflation Reduction Act (IRA) on AUSTEDO's future revenue, particularly concerning potential price cuts in 2027.
Hello. And welcome to the Teva Pharmaceuticals Industries Limited Q2 2024 earnings call. My name is Alex. And I'll be coordinating the call today. (Operator Instructions)
I'll now hand it over to your host, Ran Meir, SVP, Head of Investor Relations. Please go ahead.
Thank you, Alex. And thank you, everyone, for joining us today. We hope you have had a chance to review our Q2 results press release, which was issued earlier this morning. Copy of the press release, along with the slides presented during this call, are available on our website at ir.tevapharm.com.
Please review our forward-looking statements on slide 2. Additional information regarding these statements and the non-GAAP financial measures is available on our earnings release and in our SEC Forms 10-K and 10-Q.
To begin today's call, Richard Francis, Teva's CEO, will provide an overview of Teva's second quarter business performance, recent events,
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