Israel-based generics giant Teva Pharmaceutical Industries (NYSE: TEVA) today posted 2018 financial results, showing that full year revenue came in at $18.85 billion, a decrease of 16% in both US dollar and local currency terms, compared to 2017, sending the company’s shares down 11.47% to 6,161 shekels by late afternoon trading.
This was due mainly due to generic competition to its blockbuster multiple sclerosis drug Copaxone (glatiramer acetate), a decline in revenues in its US generics business and loss of revenues following the divestment of certain products and discontinuation of certain activities.
Under generally accepted accounting principle (GAAP), gross profit was $8,296 million in 2018, a decrease of 22% compared to 2017. The decrease in both GAAP and non-GAAP gross profit was mainly due to lower profitability in North America resulting from a decline in Copaxone revenues due to generic competition and a decline in revenues in our US generics business, partially offset by higher profitability in Europe.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
7 day trial access
Become a subscriber
Or £77 per month
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze