Teva Pharmaceutical Industries Posts Narrower Loss In Q1 - Update

(RTTNews) - Teva Pharmaceutical Industries Ltd. (TEVA) posted a first quarter net loss attributable to Teva of $139 million or $0.12 per share, compared to a net loss of $220 million and $0.20, per share, in the first quarter of 2023. The company said the lower net loss in the first quarter of 2024 was mainly due to higher net loss attributable to non-controlling interests, higher gross profit and lower legal settlements and loss contingencies, partially offset by higher other asset impairments, restructuring and other items. Non-GAAP net income attributable to Teva in the first quarter of 2024 were $548 million and $0.48 per share, compared to $457 million and $0.40 per share, a year ago. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.51, for the quarter. Analysts' estimates typically exclude special items.

Revenues were $3.82 billion, an increase of 4% in U.S. dollars or 5% in local currency terms compared to the first quarter of 2023. Analysts on average had estimated $3.73 billion in revenue.

The company reaffirmed financial guidance for 2024.

Separately, Teva Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries, and Medincell reported results from the efficacy portion of the Phase 3 Subcutaneous OLAnzapine extended-Release Injection Study or SOLARIS trial evaluating TEV-'749 in adult patients with schizophrenia compared to placebo. Results showed that TEV-'749 met its primary endpoint as measured by a change in the PANSS total score from baseline after 8 weeks compared to placebo.

Shares of Teva Pharmaceutical Industries are up 3% at $14.45 in pre-market trade on Wednesday.

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