Summary by Moomoo AI
Teva Pharmaceutical reported Q2 2024 revenues of $4.16 billion, up 7% year-over-year, driven by higher generic product sales across all segments and strong AUSTEDO growth. AUSTEDO revenues surged 32% to $407 million while generic product revenues in the US increased 16% to $1.02 billion. Gross profit margin improved to 48.6% from 46.3% last year.The company recorded a net loss of $846 million, impacted by a $400 million goodwill impairment charge related to its API business unit and $630 million in tax expenses following a settlement with Israeli tax authorities. Operating loss narrowed to $5 million from $654 million last year, as legal settlement expenses decreased significantly to $83 million from $462 million.Looking ahead, Teva continues executing its Pivot to Growth strategy focused on innovative medicines and biosimilars while sustaining its generics business. The company generated free cash flow of $324 million and maintained $2.26 billion in cash. Management expects to complete the planned divestiture of its API business in the first half of 2025 as part of its strategic transformation.
