EM CEEMEA CREDIT: TEVA: Q25 results, decent results, tariffs immaterial
May-08 13:00
Teva (TEVA; Ba2pos/BB-pos/BBpos)
1Q25 results, decent results, tariffs immaterial
- Good results with management stating tariffs are immaterial which will be positive for the credit. Total revenues of USD3.89bn +5% (local currency), marginally short of expec of USD4.06bn. Austedo +39% QoQ and Ajovy +26% QoQ and Generic products +5%. EBITDA was reported at USD1.04bn and FCF of USD107mn. Leverage stood at 3.1x.
- Teva sees an “immaterial” impact from tariffs. Teva’s branded products such as Austedo are primarily manufactured in the US while the company’s generic products are manufactured in EU and India.
- Management increased slightly FY25 guidance for Austedo to USD1.95-2.05bn vs previously USD1.9-2bn. For the FY25, guidance range was lowered at the top end by USD200mn to USD16.8-17.2bn, adj-EBITDA of USD4.7-5bn from USD4.5-5bn and maintained FCF of USD1.6-1.9bn.
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