Q3 2024 Teva Pharmaceutical Industries Ltd Earnings Call Transcript
Key Points
- Teva Pharmaceutical Industries Ltd (TEVA) reported a 15% increase in revenues, reaching $4.3 billion for Q3 2024.
- The company's innovative products, AUSTEDO, AJOVY, and UZEDY, showed strong performance with growth rates of 28%, 21%, and a successful launch, respectively.
- Teva's global generics business grew by 17%, with significant contributions from all regions, including a 30% increase in the US.
- The company has made progress in its biosimilar portfolio, with 17 biosimilars targeting nearly $60 billion in brand value.
- Teva's financial outlook for the full year has been raised, reflecting strong performance and increased guidance for key products like UZEDY and COPAXONE.
- Teva recorded a GAAP operating loss of $51 million in Q3 2024, primarily due to goodwill impairment charges and higher legal settlements.
- The company faced a $600 million goodwill impairment charge related to its API reporting unit, impacting financial results.
- Foreign exchange rate movements negatively impacted revenues and profitability, with a $250 million impact on revenue year-to-date.
- Teva is dealing with legal challenges, including a $350 million provision related to an antitrust investigation by the European Commission.
- Despite strong performance, the pricing environment for generic medicines remains challenging, with ongoing downward pressure.
Hello, and welcome to the Q3 2024 Teva Pharmaceuticals Industries Limited Earnings Conference Call. My name is Alex, I'll be coordinating the call today. (Operator Instructions)
I'll now hand over to your host, Ran Meir, Senior Vice President, 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 Q3 results press release, which was issued earlier this morning. A copy of the press release, along with the slides presented during this call are available on our website. Please review our forward-looking statements on slide 2. Additional information regarding these statements and our 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 and
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