Teva Pharmaceutical raises 2024 outlook as Q3 profit beats estimates
Adds details, updated 2024 outlook
JERUSALEM, Nov 6 (Reuters) -Teva Pharmaceutical Industries TEVA.TA raised its 2024 revenue and earnings guidance after beating third-quarter profit forecasts, boosted by strong sales of copycat medicines and its branded drugs to treat migraines and Huntington's disease.
The world's largest generic drugmaker said on Wednesday it earned 69 cents per diluted share excluding one-time items in the July-September quarter, up from 60 cents per share a year earlier. Revenue rose 13% to $4.33 billion.
Analysts had forecast earnings of 66 cents per share ex-items for the Israel-based company on revenue of $4.12 billion, LSEG I/B/E/S data showed.
Teva raised its 2024 revenue estimate to $16.1-16.5 billion from $16.0-16.4 billion, expecting higher sales from its Uzedy treatment of schizophrenia.
It now projects 2024 adjusted earnings per diluted share of $2.40-2.50, up from its previous estimate of $2.30-2.50.
U.S. sales of Uzedy rose to $35 million in the third quarter from $2 million a year earlier and were on track for $100 million in 2024.
Sales of migraine treatment Ajovy rose 4% to $58 million, while Huntington's disease drug Austedo jumped 28% to $435 million.
Generic drug sales in the United States climbed 30% to $1.09 billion, led by a copycat version of Revlimid that treats multiple myeloma.
Reporting by Steven Scheer; Editing by Louise Heavens and Mark Potter
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