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Teva Pharmaceutical raises 2024 outlook as Q3 profit beats estimates
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Teva Pharmaceutical raises 2024 outlook as Q3 profit beats estimates
Nov 6, 2024 6:00 AM

JERUSALEM, Nov 6 (Reuters) - Teva Pharmaceutical

Industries raised its 2024 revenue and earnings

guidance after beating third-quarter profit forecasts, boosted

by strong sales of copycat medicines and its branded drugs to

treat migraines and Huntington's disease.

The world's largest generic drugmaker said on Wednesday it

earned 69 cents per diluted share excluding one-time items in

the July-September quarter, up from 60 cents per share a year

earlier. Revenue rose 13% to $4.33 billion.

Analysts had forecast earnings of 66 cents per share

ex-items for the Israel-based company on revenue of $4.12

billion, LSEG I/B/E/S data showed.

Teva raised its 2024 revenue estimate to $16.1-16.5 billion

from $16.0-16.4 billion, expecting higher sales from its Uzedy

treatment of schizophrenia.

It now projects 2024 adjusted earnings per diluted share of

$2.40-2.50, up from its previous estimate of $2.30-2.50.

U.S. sales of Uzedy rose to $35 million in the third quarter

from $2 million a year earlier and were on track for $100

million in 2024.

Sales of migraine treatment Ajovy rose 4% to $58 million,

while Huntington's disease drug Austedo jumped 28% to $435

million.

Generic drug sales in the United States climbed 30% to $1.09

billion, led by a copycat version of Revlimid that treats

multiple myeloma.

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