Skip to content Skip to Search
Skip navigation

Pharma giant Teva trims revenue estimates on currency volatility

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

Foxtail millet could help Gulf food security

Oman invests $4bn in food projects and agriculture

Oman is working on 137 food projects, with a total investment of OMR1.6 billion ($4.2 billion), according to a local media report. The government has unveiled initiatives such as agricultural cities and integrated agricultural plans to address land issues, Oman Daily Observer said, quoting the minister of agriculture, fisheries and water resources Dr. Saud bin […]

Egypt’s population growth rate hits 50-year low

Egypt, the most populous Arab nation in the world, has seen its population growth rate decline by 1.4 percent in 2023, reaching its lowest level in half a century. The country’s population growth rate fell by 46 percent from 2017 to 2023, Ahram Online, an English media outlet, reported, quoting planning and economic development minister […]

The PAL-V Liberty flying car has a flight range of 500 km and a maximum airspeed of 180 km per hour

Dubai company to launch flying cars in Mena

Aviation company Aviterra has signed a deal with Dutch company PAL-V to launch flying cars across the Middle East and Africa. Based in Dubai, Aviterra will buy 100 Liberty flying cars from PAL-V and invest in the flying car maker with the intention of making door-to-door mobility a reality in the region. “The PAL-V Liberty is the […]

Emirati director Nayla Al Khaja. Her film 'Three' is currently being shown in UAE theatres in Mandarin using Camb.ai's AI translation programme

Dubai startup helps AI-voice cloning take centre stage

A YouTube video released in January of Novak Djokovic shows the tennis star speaking fluent Spanish at a post-match press conference.  While the Serbian champion is renowned for speaking several languages, in this case his voice was created by an artificial intelligence tool developed by a Dubai-based startup, Camb.ai. The original Djokovic footage was taken […]