Teva Pharm Q1 profit down, cuts 2022 revenue outlook

The emblem of Teva Pharmaceutical Industries is seen in Tel Aviv, Israel February 19, 2019. REUTERS/Amir Cohen

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JERUSALEM, Might 3 (Reuters) – Israel-based Teva Pharmaceutical Industries (TEVA.TA), which continues to forge authorized settlements in U.S. opioid instances, reported as anticipated first-quarter revenue and trimmed 2022 income estimates resulting from foreign money fluctuations.

The world’s largest generic drugmaker stated on Tuesday it earned 55 cents per diluted share excluding one-time objects within the January-March interval, down from 63 cents a share a yr earlier.

Damage by decrease gross sales in North America of each generic medication and its personal a number of sclerosis remedy Copaxone, which is dealing with stiff competitors, income fell 8% to $3.66 billion.

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Analysts had forecast Teva would earn 55 cents a share ex-items on income of $3.76 billion, in keeping with I/B/E/S information from Refinitiv.

Teva lowered its 2022 income estimate to $15.4-$16.0 billion from $15.6-$16.2 billion, after income of $15.9 billion in 2021. It reiterated its projection for 2022 adjusted EPS of $2.40-$2.60, versus $2.58 final yr.

Teva stated it paid $1.1 billion within the quarter for authorized settlements and loss contingencies, whereas settling opioid instances in Florida and Rhode Island.

Gross sales of the corporate’s migraine drug Ajovy grew 16% to $36 million. Huntington’s illness remedy Austedo gross sales rose 6% to $154 million.

Total generic drug gross sales in North America dipped 15% to $899 million resulting from competitors on many merchandise.

Income in Europe slipped 5% to $1.16 billion, though gross sales of Ajovy doubled to $30 million.

“Whereas easing of COVID-19 associated restrictions has led to constructive momentum in our European enterprise, we’re seeing fluctuations of overseas trade charges, and have due to this fact lowered our 2022 income outlook,” stated CEO Kåre Schultz.

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Reporting by Steven Scheer, Enhancing by Louise Heavens

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