- Wednesday, October 16, 2024
Teva Pharmaceutical Industries, the Tel Aviv-based pharmaceutical company, announced its financial results for the fourth quarter, revealing a notable turnaround. The company reported a net profit of $461 million, or 41 cents a share, compared to a loss of $1.3 billion, or $1.17 a share, during the same period last year. Excluding exceptional items, earnings stood at $1 per share—surpassing analysts' expectations of 77 cents per share.
Teva's net revenues also showed robust growth, climbing to $4.46 billion from $3.88 billion, surpassing analyst projections of $4.03 billion.
Looking ahead, Teva Pharmaceutical Industries has set ambitious targets for 2024. The company anticipates revenue for that year to range between $15.7 billion and $16.3 billion, compared to $15.8 billion in 2023. Additionally, Teva aims to achieve earnings per share of $2.20 to $2.50, a stark contrast from the loss of 50 cents per share expected in 2023.
In line with its pursuit of new growth opportunities, Teva has revealed its intention to divest its active pharmaceutical ingredient business.
Overall, Teva Pharmaceutical Industries' impressive performance speaks to its resilience and ability to thrive in a competitive market.
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