Teva Pharmaceutical has posted net income attributable to the company of $80m for the third quarter (Q3) of 2023, as against $56m in the same quarter of the previous year.
The company attributed the rise in net income primarily to tax benefits in 2023 and to 2022’s tax expense. This was partially offset by reduced operating income.
For the quarter ended 30 September 2023, diluted earnings per share were $0.07, compared to $0.05 in Q3 2022.
Adjusted earnings before interest, taxes, depreciation and amortisation were $1.13bn, up 4% from $1.08bn in Q3 2022.
Operating income declined to $355m from $419m in Q3 2022.
The drop in operating income was attributed to increased research and development and selling and marketing expenditure, legal settlements and loss contingencies. This decline was offset partially by increased gross profit.
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Net revenues rose by 7% to $3.85bn as against $3.59bn in the third quarter of the previous year.
The revenue growth was driven by increased revenues from generic assets and Ajovy in all segments of the company and from Austedo in North America.
Teva president and CEO Richard Francis stated: “In Q3 2023, Teva delivered strong financial and business results, with revenues increasing by 7% compared to Q3 2022, to a total of $3.9bn.
“Continued solid performance of Austedo, Ajovy and our generics business delivered growth across all geographies.
“Based on these strong and consistent results, we are increasing our revenue outlook for 2023 for the second consecutive quarter.”