Skip to content Skip to Search
Skip navigation

Pharma giant Teva trims revenue estimates on currency volatility

By Reuters
Person, Human, Pill
Hurt by lower sales in North America of both generic drugs and its own multiple sclerosis treatment Copaxone, Teva revenue fell 8 percent to $3.66 billion.

Israel-based Teva Pharmaceutical Industries, which continues to forge legal settlements in US opioid cases, reported as expected first-quarter profit and trimmed 2022 revenue estimates due to currency fluctuations.

The world’s largest generic drugmaker said on Tuesday it earned 55 cents per diluted share excluding one-time items in the January-March period, down from 63 cents a share a year earlier.

Hurt by lower sales in North America of both generic drugs and its own multiple sclerosis treatment Copaxone, which is facing stiff competition, revenue fell 8 percent to $3.66 billion.

Analysts had forecast Teva would earn 55 cents a share ex-items on revenue of $3.76 billion, according to I/B/E/S data from Refinitiv.

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

Teva said it paid $1.1 billion in the quarter for legal settlements and loss contingencies, while settling opioid cases in Florida and Rhode Island.

Sales of the company’s migraine drug Ajovy grew 16 percent to $36 million. Huntington’s disease treatment Austedo sales rose 6 percent to $154 million.

Overall generic drug sales in North America dipped 15 percent to $899 million due to competition on many products.

Revenue in Europe slipped 5 percent to $1.16 billion, although sales of Ajovy doubled to $30 million.

“While easing of Covid-19 related restrictions has led to positive momentum in our European business, we are seeing fluctuations of foreign exchange rates, and have therefore lowered our 2022 revenue outlook,” said CEO Kåre Schultz.

Latest articles

Migrants attempting to reach Italy from Tunisia. About 270,000 so-called irregular migrants arrived in the EU via sea crossings last year

EU reveals total aid to North Africa to combat migration 

The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […]

The SPA report highlighted a number of metrics as being on target, including home ownership of 53.7 percent

Third of Vision 2030 projects ‘completed’ government says

One third of 1,064 planned projects have been completed so far under the Vision 2030 economic transformation plan, the Saudi government said in its annual progress report on the reform programme.   The report also said 561 initiatives were on track, according to the state-owned Saudi Press Agency, publishing its major findings. It was not […]

Tawfik Alzaidi

Saudi director’s labour of love takes the kingdom to Cannes

For the first time a Saudi film has been selected to compete in the Cannes film festival, catapulting its little-known self-taught director into the limelight. Tawfik Alzaidi was so surprised that he’d managed to break through to the big time that he kept the news that his film Norah had been accepted for the ‘Un […]

Joby Aviation's CEO JoeBen Bevirt (2nd left) at the signing of a multilateral agreement with the three Abu Dhabi government departments

Abu Dhabi signs multiple deals to launch air taxi services in 2025

A commute from Abu Dhabi to Dubai could take only 30 minutes next year, with the introduction of air taxi services significantly slashing travel time between the emirates. The electric aircraft manufacturer Joby Aviation signed agreements this week with Abu Dhabi’s Department of Municipalities and Transport, Department of Economic Development and Department of Culture and […]