(Reuters) -Teva Pharmaceutical Industries raised the lower end of its annual profit forecast on Wednesday, banking on strong sales of its copycat medicines and branded drug for the Huntington’s disease.
Teva now expects its profit for the full year 2024 to be between $2.30 and $2.50 per share, compared with its previous expectation of $2.20-$2.50 per share.
The company sees its branded medicine trio — Austedo for treating the Huntington’s disease, Ajovy for migraine and recently launched Uzedy for schizophrenia — as growth drivers.
Teva said it expects Austedo revenue of about $1.6 billion for the full year, slightly higher than its previous expectation of $1.5 billion.
It also aims to launch six biosimilar drugs by 2027 globally, including Simlandi and psoriasis treatment Selarsdi — a copycat of Johnson & Johnson’s blockbuster drug Stelara. Teva developed both these drugs with Alvotech.
It expects full-year revenue in the range of $16 billion to $16.4 billion, compared with its previous range of $15.7 billion to $16.3 billion.
U.S.-listed shares of Teva rose nearly 2% to $16.72 in premarket trading.
(Reporting by Bhanvi Satija in Bengaluru; Editing by Shilpi Majumdar)
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