Teva Pharmaceutical reports 5% fall in Q4 2022 revenue

Teva office in Markham, Ontario. Credit: Raysonho @ Open Grid Scheduler / Scalable Grid Engine / Wikimedia.

Teva Pharmaceutical Industries has reported $3.9bn revenue in the fourth quarter (Q4) of 2022, representing a 5% decline in US dollars or a 1% increase in local currency terms, from $4.1bn in the same quarter of the previous year.

During the quarter, higher revenues from Anda, generic products in the Europe segment, AJOVY and AUSTEDO were partially offset by fewer revenues from COPAXONE, generic products and certain respiratory products in the North America segment.

In the quarter, the company’s gross profit fell by 14%, to $1.77bn, and the gross profit margin was 45.6% versus 50% in the prior-year quarter.

The non-GAAP gross profit stood at $2.11bn, a 9% decline compared with the same quarter of the previous year.

For the quarter, Teva Pharmaceutical’s GAAP gross profit margin was 54.2% versus 56.1% in the Q4 of last year.

Its adjusted EBITDA stood at $1.240bn, compared with $1.373bn in the prior-year quarter.

The company reported $14.9bn revenue in 2022, representing a 6% decline in US dollars or 1% in local currency terms, from $15.87bn in the previous year.

The decline was mainly due to lower revenues from COPAXONE and certain respiratory products in Europe and North America segments, along with generic products and BENDEKA and TREANDA in the North America segment.

Teva Pharmaceutical’s adjusted EBITDA stood at $4.59bn, versus $4.911bn last year.

Its gross profit declined by 8% to $6.97bn, and its gross profit margin was 46.7% compared with 47.8% reported in the prior year.

The non-GAAP gross profit stood at $8.05bn, and the non-GAAP gross profit margin was 54.0%.

In its outlook for 2023 non-GAAP results, the company expects revenue to be $14.8bn-$15.4bn.

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