With a new growth strategy on tap and two recent launches in its pocket, Teva appears to be entering a new chapter on better financial footing.
In the second quarter, the company’s revenues hit $3.8 billion, a slight increase of 4% from last year’s second quarter. As a result, Teva adjusted 2023 revenue outlook to a new range of $15 billion to $15.4 billion, slightly up from February’s estimate of $14.8 billion to $15.4 billion.
Helping Teva reach that level of sales was the company's Austedo for tardive dyskinesia and Huntingon’s disease. The drug grew sales by 51% in North America, reaching $308 million in the quarter.
The drug features prominently in Teva’s new “Pivot to Growth” strategy, which hinges on Austedo and recently approved slow-release schizophrenia med Uzedy plus Teva’s biosimilar pipeline and generic portfolio.
Schizophrenia is a $4 billion market, the company's CEO Richard Francis said on a Wednesday conference call. Although the drug just launched in May, the company is “very pleased” with the feedback it’s received so far from healthcare providers, he added.
Uzedy, which is part of a collaboration with France's MedinCell, is administered at one- or two-month intervals. It reduced the risk of relapse by 80% compared with placebo in trials, making it “advantageous" in treating the disease, Francis said.
As for Austedo, the drug remains a key growth driver for Teva. Austedo just picked up an extended-release FDA approval, and the franchise is expected to hit $2.5 billion in sales by 2027.
Teva's next goal for Austedo is a European approval, which the company says could come in 2026.
Teva's second-quarter sales and profits beat analyst estimates, according to Reuters. The company's stock price was up about 11% on Wednesday afternoon.
Teva tapped Francis to be its CEO back in November after years of revenue declines. In May, the company revealed its new "Pivot to Growth" strategy.
As another move to steer Teva in a new direction, Francis recently hired former BeiGene exec Angus Grant as Teva's business development head.