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Teva Pharmaceutical Industries Limited American Depositary Shares (TEVA+0.91%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Teva's financial results, including a revenue increase to $16.544 billion, up 4% from the previous year, driven by higher sales of generic products and innovative medicines such as AUSTEDO, UZEDY, and AJOVY.
Teva reported an operating loss of $303 million for 2024, compared to an operating income of $433 million in 2023, mainly due to higher impairment charges and increased selling and marketing expenses.
Goodwill impairment charges of $1.280 billion were recorded in 2024, primarily related to the Teva API reporting unit, reflecting updated assumptions in connection with Teva's intention to divest its API business.
Net loss attributable to Teva was $1.639 billion in 2024, compared to a net loss of $559 million in 2023, impacted by higher income taxes and operating losses.
Teva's total debt decreased to $17.783 billion as of December 31, 2024, from $19.833 billion at the end of 2023, following repayments of senior notes.
Cash flow from operating activities was $1.247 billion in 2024, down from $1.368 billion in 2023, with the decrease attributed to various factors including higher tax payments and classification of payments to Allergan.
Teva continues to focus on its 'Pivot to Growth' strategy, emphasizing the development of innovative medicines and biosimilars, as well as optimizing its manufacturing footprint and portfolio.
The company is also addressing macroeconomic challenges, including inflation and geopolitical tensions, which have impacted its supply chain and operational costs.
Teva has not paid dividends on its ordinary shares or ADSs since December 2017, and its financial leverage was 77% as of December 31, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Teva Pharmaceutical Industries Limited American Depositary Shares annual 10-K report dated February 5, 2025. To report an error, please email earnings@qz.com.