![The logo of Teva Pharmaceutical Industries is seen during a news conference in Tel Aviv](https://cloudfront-us-east-2.images.arcpublishing.com/reuters/G5JWOXLOQZIDLHFUUAR3HXPXEQ.jpg)
The brand of Teva Pharmaceutical Industries is seen in Tel Aviv, Israel February 19, 2019. REUTERS/Amir Cohen/File picture
JERUSALEM, Aug 2 (Reuters) – Teva Pharmaceutical Industries (TEVA.TA) on Wednesday reported higher-than-expected second-quarter revenue, boosted by a pointy achieve in gross sales of its Austedo therapy for Huntington's illness that helped ship its shares up as a lot as 14%.
Chief Government Richard Francis, who took the reins at the beginning of the yr, is betting a trio of the group's branded medication – Austedo, migraine product Ajovy and the simply launched schizophrenia drug Uzedy – will assist Teva bounce again from a tough few years.
“I have been happy. I believe there's nonetheless work to be accomplished but it surely's on a journey and it simply exhibits that with focus Austedo may obtain good outcomes,” Francis mentioned in an interview.
He added that he hopes the drug may very well be launched in Europe in 2026.
The world's largest generics drugmaker has struggled over the previous 5 to 6 years to get better from the lack of exclusivity to its blockbuster a number of sclerosis drug Copaxone, and to chop $35 billion of debt because it additionally fought a spate of lawsuits alleging it helped gasoline the U.S. opioid epidemic.
It expects Austedo gross sales of round $1.2 billion in 2023, up from $971 million final yr, and sees gross sales reaching $2.5 billion by 2027 for the reason that drug may additionally assist the practically 800,000 folks affected by tardive dyskenisa, a situation Francis mentioned was under-diagnosed.
“As we stay decided to execute on our development technique, we're persevering with to give attention to our late-stage progressive pipeline supply and early-stage pipeline growth, each organically and thru collaborations,” Francis mentioned in a press release.
The Israel-based firm mentioned the U.S. marketplace for medication like Uzedy, which launched in Might, is about $4 billion. Vital gross sales will not be anticipated till 2024, the CEO mentioned.
“This yr is a organising yr, and subsequent yr we'll see what it will possibly do,” Francis mentioned, including Uzedy may declare a market share of 10% to twenty%. “So, that is a $400 million to $800 million product” and we'll “have a greater concept on the finish of this yr.”
Francis additionally mentioned Teva will nonetheless pursue launching a biosimilar of AbbVie's (ABBV.N) blockbuster arthritis drug Humira subsequent yr regardless of a crowded market.
Teva earned 56 cents per share excluding one-time gadgets within the April-June quarter, down from 68 cents per share a yr earlier.
Income rose 2% to $3.9 billion, with Austedo gross sales up 51% in North America to $308 million. Ajovy gross sales rose 16% to $57 million.
Analysts had forecast Teva would earn 53 cents a share on income of $3.71 billion, in response to Refinitiv knowledge.
Teva revised its 2023 income forecast to $15.0 billion to $15.4 billion from $14.8 billion to $15.4 billion, after 2022 income of $14.9 billion. It maintained its forecast for adjusted earnings per share of $2.25 to $2.55, versus $2.52 in 2022.
Internet debt slipped to $18 billion from $20 billion within the prior yr.
Reporting by Steven Scheer; Enhancing by Mark Potter, Emelia Sithole-Matarise and Invoice Berkrot
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