Generic Drug Player Teva Pharma To Divest Its Active Pharmaceutical Ingredient Business, Q4 Earnings Surpass Estimates
Portfolio Pulse from Vandana Singh
Teva Pharmaceutical Industries Ltd (NYSE:TEVA) reported Q4 2023 sales of $4.46 billion, surpassing the consensus of $3.99 billion, driven by an upfront payment for a collaboration, product sales, and higher generic product revenues internationally. Adjusted EPS was $1.00, beating the $0.76 consensus. The company plans to divest its API business by the first half of 2025 and forecasts FY 2024 revenues of $15.7-$16.3 billion with adjusted EPS of $2.20-$2.50. TEVA shares rose 2.43% to $12.02.
January 31, 2024 | 3:14 pm
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POSITIVE IMPACT
Teva's Q4 earnings exceeded expectations with strong sales and EPS, and the company announced the divestiture of its API business, aiming to complete the process by the first half of 2025. The company also provided a positive outlook for FY 2024.
The positive earnings report and the announcement of the API business divestiture, along with a strong outlook for FY 2024, are likely to instill investor confidence and could lead to a short-term positive impact on TEVA's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100