Teva Delivers Second Consecutive Year of Growth; Announces Strong Financial Results in Fourth Quarter and Full Year 2024, Led by Generics Performance and Innovative Portfolio Growth

Core Insights - Teva Pharmaceutical Industries Ltd. reported a transformative year in 2024, achieving a second consecutive year of growth driven by generic and innovative products [3][5] - The company generated revenues of $16.5 billion in FY 2024, reflecting a 6% increase in local currency terms compared to 2023 [5][8] - The company anticipates further progress in 2025, particularly in innovative growth drivers and complex generics [3][6] Financial Performance - Q4 2024 revenues were $4.2 billion, a decrease of 5% compared to Q4 2023 [26] - FY 2024 GAAP loss per share was $1.45, while non-GAAP diluted EPS was $2.49 [1][18] - Cash flow generated from operating activities in FY 2024 was $1.247 billion, down from $1.368 billion in 2023 [22][24] Product Performance - AUSTEDO revenues exceeded $1.6 billion, surpassing the 2024 outlook, while AJOVY generated $507 million, an 18% increase in local currency terms [5][8] - The generics business grew by 15% in the U.S. and 6% in Europe compared to 2023 [5][8] - Duvakitug (anti-TL1A) achieved positive Phase 2b results, with Phase 3 trials expected to initiate in 2025 [3][5] Strategic Initiatives - The "Pivot to Growth" strategy focuses on four key pillars: delivering growth engines, stepping up innovation, sustaining the generics business, and optimizing the portfolio [7][12] - The company is progressing with the sale of its active-pharmaceutical ingredient (API) business, which has been classified as held for sale [12][25] Segment Results - In the U.S. segment, revenues decreased by 13% to $1.975 billion in Q4 2024, primarily due to an upfront payment received in Q4 2023 [46][66] - The Europe segment reported revenues of $1.353 billion, a 1% increase compared to Q4 2023, with generic products driving growth [67][69] Research and Development - R&D expenses in FY 2024 were $998 million, a 5% increase compared to 2023, reflecting continued investment in innovative pipelines [11][30] - The company is advancing its late-stage innovative pipeline, particularly in immunology and neuroscience [11][12]