Teva Pharma Q3 Beats Market, Lifts FY24 Outlook; Stock Up

(RTTNews) - Teva Pharmaceutical Industries Ltd. (TEVA) Wednesday reported a loss in its third quarter, compared to prior year's profit, despite higher revenues. However, adjusted earnings and top line beat market estimates, and the firm lifted its fiscal 2024 forecast.

In pre-market activity on the NYSE, TEVA shares were gaining around 3.1 percent to trade at $19.35.

In the third quarter, net loss attributable to Teva was $437 million or $0.39 per share, compared to prior year's net income of $69 million or $0.06 per share.

Adjusted net income was $798 million or $0.69 per share, compared to $677 million or $0.60 per share a year ago.

Analysts on average expected the company to report earnings of $0.66 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The third-quarter net revenues grew 13 percent to $4.33 billion from $3.85 billion last year. Analysts expected revenues of $4.12 billion for the quarter. Revenues grew 15% in local currency terms.

Looking ahead, for fiscal 2024, the company now expects earnings per share of $2.40 to $2.50, compared to previous estimate of $2.30 to $2.50.

Adjusted EBITDA is now expected to be $4.7 billion to $5 billion, compared to previously expected $4.6 billion to $5.0 billion.

Revenues would be $16.1 billion to $16.5 billion, higher than previous estimate of $16 billion to $16.4 billion.

Analysts expect the company to report earnings of $2.45 per share on revenues of $16.26 billion.

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