Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) ended 2022 with revenue of $14.9 billion, in the lower range of the guidance provided in the final quarter. In the fourth quarter of 2022, revenue was $3.9 billion, down 5.3% from the corresponding quarter of 2021, while non-GAAP earnings per share was $0.71, in line with analysts' expectations.
Teva ended 2022 with a GAAP net loss of $2.35 billion compared with a GAAP net profit of $417 million in 2021. Teva reported a non-GAAP net loss of $1.2 billion in the fourth quarter of 2022 compared with a net loss of $159 million in the corresponding quarter of 2021.
Net loss in 2022 was mainly affected by goodwill impairment charges of $2 billion including $1.3 billion in the fourth quarter alone. In the fourth quarter of 2022 there were no major legal settlements but over the entire year legal settlements cost Teva $2.082 billion.
2022 was the final year with Kare Schultz as CEO and he was succeeded at the start of 2023 by Richard Francis.
Teva also published its guidance for 2023. The company expects similar revenue to 2022 and leaves open the possibility of returning to growth after sales have shrunk for many years. Teva sees revenue of $14.8-15.4 billion in 2023 so the midpoint would mean modest growth of 1%.
Teva's share price rose 1.49% on the NYSE yesterday to $10.89, giving a market cap of $12.095 billion, a rise of 40% over the past year. The share price is down 1.74% in premarket trading on Wall Street.
Teva president and CEO Richard Francis said, Our generics business performed strongly in Europe and International Markets, growing 9% and 5% respectively, in local currency terms. We also continued to optimize our supply chain and manufacturing capabilities and reduced our net debt.
"Looking ahead to 2023, I am especially enthusiastic about the progress of our innovative, biosimilars and generic pipelines, which include interesting and differentiated assets. As we work on an updated strategy, we are looking for opportunities to best position Teva for long-term growth and generate value to all stakeholders."
Published by Globes, Israel business news - en.globes.co.il - on February 8, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.