Teva rockets on raised forecasts

31 July 2024

Shares in Israeli drugmaker Teva Pharmaceutical Industries (NYSE: TEVA) closed 4% higher following Wednesday’s trading in Tel Aviv, as the firm earlier announced its second-quarter financial results and latest forecasts for 2024.

Revenues rose by 7% to $4.2 billion, while adjusted diluted earnings per share increased by 9% to $0.61. On average, analysts polled by FactSet expected Teva to earn $0.54 per share and report $3.99 billion in sales.

Teva raised its outlook for the year and now expects adjusted profit of $2.30 to $2.50 per share and $16 billion to $16.4 billion in sales. Again this exceeded the projections of analysts, who predicted $2.43 earnings per share and $15.84 billion in sales.

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