Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) reported strong financial results for the third quarter of 2024, driven by solid performance in its generics and innovative products segments. The company's revenue grew by 15% year-over-year to $4.3 billion, beating analyst estimates of $4.12 billion. Teva's non-GAAP earnings per share (EPS) of $0.69 also surpassed expectations of $0.66.

The strong results prompted Teva to raise its full-year 2024 outlook. The company now expects revenue in the range of $16.1 billion to $16.5 billion, up from its previous guidance of $16.0 billion to $16.4 billion. Teva also raised its non-GAAP EPS guidance to $2.40 to $2.50, from $2.30 to $2.50 previously.

The generics segment, Teva's powerhouse, delivered a 30% increase in revenue in the United States, driven by strong sales of key products like lenalidomide capsules (the generic version of Revlimid®) and epinephrine injectable solution (the generic equivalent of EpiPen®). In Europe and International Markets, generic product revenues grew by 8% and 13%, respectively, in local currency terms.

Teva's innovative portfolio also performed well, led by AUSTEDO® for tardive dyskinesia and Huntington's disease, which saw a 28% increase in U.S. revenue. AJOVY®, Teva's migraine treatment, posted strong global growth, with revenue rising by 21% in local currency terms. The newly launched UZEDY®, a long-acting injectable for schizophrenia, gained momentum with $35 million in U.S. revenue, prompting Teva to raise its full-year outlook for the drug to around $100 million.