Teva posts modest 2nd-qtr sales growth but EBTIDA soars

Israeli generics giant Teva Pharmaceutical Industries (NYSE: TEVA) today reported results for the quarter ended June 30, 2021 which, though mixed, saw the firm’s shares advance 10.1% to 3,137 shekels in Tel Aviv trading.

Kåre Schultz, Teva's president and chief executive, said: “We have performed well in the second quarter, improving our profitability and free cash flow generation. This allowed us to reduce our net debt by an additional $500 million to $22.7 billion, once again demonstrating our commitment to and confidence in our long-term goals. Among our growth drivers, Austedo [deutetrabenazine] sales increased compared to the second quarter of last year, Ajovy [fremanezumab] net sales have grown to $70 million worldwide, and our biosimilar Truxima continues to increase its US market share, reaching 25%.”

Revenues in the second quarter of 2021 were $3,910 million, an increase of 1% or a decrease of 2% in local currency terms, compared to the second quarter of 2020. This decrease was largely due to lower revenues in the North America segment, mainly related to Copaxone (glatiramer acetate) and Anda, partially offset by positive foreign currency impacts as well as higher revenues from generic products, OTC, Ajovy and Copaxone in the Europe segment. Revenues were also affected by changes in demand for certain products resulting from the impact of the COVID-19 pandemic.