Generics Player Teva Pharmaceutical Aces Late-Stage Schizophrenia Drug Study, Stock Shoots Higher
Portfolio Pulse from Vandana Singh
Teva Pharmaceutical Industries Ltd (NYSE:TEVA) and Medincell announced positive results from the Phase 3 SOLARIS trial of TEV-‘749 for schizophrenia, meeting its primary endpoint and key secondary endpoints. TEV-‘749 uses Medincell's SteadyTeq technology for controlled release of olanzapine. Additionally, Teva reported Q1 adjusted EPS of $0.48, up from $0.40 a year ago but below consensus of $0.51, and sales of $3.82 billion, above the consensus of $3.73 billion. The company reaffirmed its 2024 outlook, expecting revenues of $15.7 billion to $16.3 billion and adjusted EPS of $2.20 to $2.50.
May 08, 2024 | 5:49 pm
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Teva Pharmaceutical announced positive Phase 3 trial results for schizophrenia drug TEV-‘749 and reported Q1 earnings with an EPS of $0.48 and sales of $3.82 billion, reaffirming its 2024 outlook.
The positive results from the Phase 3 trial of TEV-‘749 are likely to boost investor confidence in Teva's pipeline, potentially leading to increased stock value in the short term. The Q1 earnings report, showing a beat on sales but a miss on EPS estimates, mixed with the reaffirmation of the 2024 outlook, suggests a stable financial future, further supporting the stock's positive momentum.
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