Teva Pharm to launch Humira biosimilar as Q1 profit misses estimates
Corrects in paragraph 6 to say Cigna and Optum are covering two or three Humira biosimilars
By Steven Scheer
JERUSALEM, May 8 (Reuters) -Teva Pharmaceutical Industries TEVA.TA said it was set to launch its long awaited biosimilar of AbbVie's ABBV.N blockbuster arthritis drug Humira in the coming weeks after it posted mixed results in the first three months of 2024.
The drugmaker also said late-stage results for a new drug for schizophrenia met its primary endpoints, helping to push its New York-listed shares up more than 13% to their highest level since 2019 in late morning trade. It is developing the monthly injection with France's Medincell. MEDCL.PA
In the wake of February's U.S. Food and Drug Administration approval of Humira biosimilar Simlandi, Teva chief executive Richard Francis said the launch will be during the second quarter.
"I don't have exact timetables but it's imminent," he told Reuters, adding Teva has been in "lots and lots of discussions" with pharmacy benefit managers (PBMs) and payers.
"There could be a shift here where the market in the U.S. starts to really adopt biosimilars on a broader level" Francis said. "Let's see how this plays out for this year, but it's definitely encouraging."
Two of the largest PBMs - Cigna Group's CI.N Express Scripts and UnitedHealth Group's UNH.N Optum RX - are only currently covering two or threeHumira biosimilars for 2024 alongside the branded drug.
Teva plans to launch six biosimilar drugs by 2027, including Simlandi and psoriasis treatment Selarsdi, a copycat of Johnson & Johnson’s blockbuster drug Stelara. It developed both drugs with Alvotech.
The company said it earned 48 cents per share excluding one-time items in the first quarter, up from 40 cents per share a year earlier. Revenue rose 4% to $3.82 billion. Analysts had forecast earnings of 51 cents per share on revenue of $3.73 billion, LSEG data showed.
Teva TEVA.N reiterated its outlook of 2024 revenue of $15.7-$16.3 billion and adjusted EPS of $2.20-$2.50. In 2023, it posted revenue of $15.8 billion and adjusted EPS of $2.56.
Generic drug sales rose 9% globally in the quarter.
Teva, which is hoping 2024 will be a growth year, said U.S. sales of its Huntington's disease treatment Austedo jumped 67% in the quarter, while global sales of migraine drug Ajovy rose 18%.
It projects Austedo to hit sales of $1.5 billion in 2024, along with $500 million for Ajovy and $80 million for recently launched schizophrenia drug Uzedy. This trio of its own branded drugs, it believes, will help Teva bounce back from a rough few years.
Jefferies analyst Glen Santangelo, who rates Teva a "buy," said the company has not been getting credit from investors for its pipeline of innovative drugs and is being valued as a straight generic drugmaker.
"We think the market hasn't fully digested the changing DNA at Teva, but we believe today's and upcoming pipeline catalysts could represent a turning point," he said.
Reporting by Steven Scheer; Additional reporting by Patrick Wingrove in New York; editing by Jason Neely and Michael Erman
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
