Pharmaceutical company Teva reports big losses

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 Pharmaceutical company Teva reports big losses

Teva Pharmaceutical Industries Ltd. ended 2022 with revenue of $14.9 billion, lower than forecast. In Q4 2022, revenue was $3.9 billion, down 5.3% from the corresponding quarter of 2021, with earnings of A non-GAAP share was $0.71, in line with analysts' expectations.

“Our generics business performed strongly in Europe and international markets, growing by 9% and 5% respectively in local currency. We also continued to optimize our supply chain and manufacturing capabilities and reduce net debt,” said new Teva CEO Richard Francis, who replaced Kare Schulz in early 2023.

Teva ended 2022 with a $2.35 billion GAAP net loss compared to a $417 million GAAP net income in 2021. Losses were mainly affected by the costs of major litigation. For the full year, they cost Teva $2.082 billion.

Teva also released its forecast for 2023. The company expects revenue to be the same as in 2022 and hopes to return to growth after sales have been declining for years. Teva forecasts revenue of $14.8-15.4 billion in 2023, so on average this would mean a modest growth of 1%.

“Looking to the future of 2023, I am especially enthusiastic about the progress of our innovative, biosimilar and generic products that include interesting and differentiated assets. As we work on the updated strategy, we are looking for opportunities to best position Teva for long-term growth and value creation for all stakeholders,” said Richard Francis.

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