The Israeli pharmaceuticals company has reaffirmed its outlook for 2024. As the US generics market recovers Teva Pharmaceutical Industries Ltd. (NYSE: TEVA ; TASE: TEVA ) ended the first quarter of 2024 with revenue of $3.
81 billion, up 4.3% from the first quarter of 2023, and above the analysts' expectations of $3.73 billion.
The Israeli pharmaceutical company reported a GAAP net loss of $139 million, narrowing from $220 million in the first quarter of 2023. GAAP net profit grew 20% to $548 million, or $0.48 per share, below the analysts' forecast of earnings per share of $0.
51. RELATED ARTICLES Teva CEO: It's a long way back to being 'share of the nation' Teva's free cash flow at the3 end of the first quarter was $32 million and its debt amounted to $19.6 billion.
The company reaffirmed its annual outlook, provided earlier this year and still expects revenue of $15.7-16.3 billion, non-GAAP operating profit of $4-4.
5 billion, EBITDA of $4.5-5 billion, free cash flow of $1.7-2 billion, and non-GAAP net profit of $2.
2-2.5 billion. Teva's share price has risen 33.
6% since the start of the year and at close of trade on Wall Street yesterday the company had a market cap of $15.8 billion. Teva president and CEO Richard Francis said, "In 2024 Teva is off to a good start, with global revenues of $3.
8 billion showing growth of 5% in local currency terms compared to Q1 2023, fueled by robust growth in our generics business across all regions, and continued growth of our innovative bra.
