Teva Pharmaceutical Reports $16.544 Billion Revenue for 2024, Driven by Generic Sales

Teva Pharmaceutical Industries Limited reported total revenues of $16.544 billion for the year ended December 31, 2024, a 4% increase in U.S. dollars and a 6% increase in local currency terms compared to 2023. This rise was primarily driven by increased generic product sales across all segments, notably lenalidomide capsules in the U.S., and strong performance from innovative medicines AUSTEDO, UZEDY, and AJOVY. However, this growth was partially offset by lower revenues from COPAXONE and BENDEKA/TREANDA, and a one-time upfront payment received in 2023 related to a collaboration.

The company's three segments showed varied performance. The United States segment saw a 4% revenue increase to $8.034 billion and a 4% profit increase to $2.296 billion. The Europe segment experienced a 5% revenue increase (4% in local currency) to $5.103 billion and a 7% profit increase to $1.575 billion. In contrast, the International Markets segment reported a 5% revenue increase in U.S. dollars (18% in local currency) to $2.463 billion, but a 5% decrease in profit to $440 million. Revenues from other activities, primarily API sales, increased by 2% to $944 million.

Strategic developments during the year included the launches of SIMLANDI (adalimumab-ryvk) and SELARSDI (ustekinumab-aekn), biosimilars to Humira® and Stelara®, respectively, in the U.S. market. Teva also announced agreements to sell its business venture in Japan and its API business, aligning with its Pivot to Growth strategy. The company continued to execute on this strategy's four pillars: delivering on growth engines, stepping up innovation, sustaining its generics business, and focusing its operations. As of December 31, 2024, Teva employed 36,830 people across 57 markets.

Operational highlights included approximately 283 million total prescriptions in the U.S. (7.4% of the total U.S. generic market share), and AJOVY achieving a 29.6% exit market share in the U.S. in terms of total prescriptions. The company's generic product pipeline in the U.S. included 127 product applications awaiting FDA approval, representing approximately $122 billion in U.S. brand sales for the twelve months ended September 30, 2024, according to IQVIA data. In Europe, the generic product pipeline comprised 686 generic approvals and 1,483 pending marketing authorization applications. Teva's 2024 R&D expenses, net, totaled $998 million, a 5% increase compared to 2023.

Teva's 2024 operating loss was $303 million, compared to an operating income of $433 million in 2023. This decrease resulted from higher impairment charges and increased selling and marketing expenses, partially offset by higher gross profit and lower legal settlements. The company's debt decreased to $17.783 billion as of December 31, 2024, from $19.833 billion at the end of 2023. Teva generated free cash flow of $2.068 billion in 2024, down from $2.387 billion in 2023. The company anticipates continued growth of its key innovative products and execution of its Pivot to Growth strategy in 2025, while acknowledging ongoing competitive pressures and macroeconomic uncertainties.