REFILE-UPDATE 1-Teva Pharm Q1 profit misses estimates, revenue rises

(Fixes typo in rises in headline)

By Steven Scheer

JERUSALEM, May 8 (Reuters) - Teva Pharmaceutical Industries reported a smaller than expected rise in first-quarter profit citing higher impairments of tangible assets, while sales of copycat medicines and its branded drugs to treat migraines and Huntington's disease rose.

The world's largest generic drugmaker said on Wednesday it earned 48 cents per diluted share excluding one-time items in the January-March quarter, up from 40 cents per share a year earlier. Revenue rose 4% to $3.82 billion.

Analysts had forecast earnings of 51 cents per share ex-items for the Israel-based company on revenue of $3.73 billion, LSEG I/B/E/S data showed.

Teva said its bottom line was hurt mainly by higher impairments of tangible assets largely related to the classification of a business in its international markets segment as held for sale, as well as restructuring costs.

Teva reiterated its outlook of 2024 revenue of $15.7-$16.3 billion and adjusted EPS of $2.20-$2.50. In 2023, it posted revenue of $15.8 billion and adjusted EPS of $2.56.

The company is betting a trio of branded drugs - its Huntington's treatment Austedo, migraine product Ajovy and the recently launched schizophrenia drug Uzedy - will help Teva bounce back from a rough few years.

Austedo's U.S. sales jumped 67% in the quarter to $282 million, while global sales of Ajovy rose 18% to $113 million, led by a 42% gain in Europe.

U.S. generic drug sales rose 8% to $808 million and also increased 8% in Europe to $1 billion.

Teva said Phase 3 efficacy results for a once-monthly injectable drug for adults with schizophrenia it is developing with France's Medincell met its primary endpoint, helping to push its Tel Aviv-listed shares up 3.6%.

(Reporting by Steven Scheer; editing by Jason Neely)