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Teva CEO Richard Francis, after 4 months at the helm, preps grand strategic reveal

After a little over four months as Teva’s CEO, Richard Francis is getting ready to debut his long-term vision for the drugmaker.

In Francis’ first quarter as Teva’s CEO, the Israeli pharma giant pulled down $3.7 billion in sales, a flat number versus the same period last year. In Europe, the company posted a 9% sales gain, Teva said Wednesday.

Huntington’s disease and tardive dyskinesia med Austedo delivered a 10% global revenue gain to $170 million during the first quarter, while migraine prevention drug Ajovy posted a 35% increase to $95 million.

Overall, first-quarter revenues came in around estimates, Barclays analysts wrote in a note to clients.

In an investor presentation, Francis highlighted key attributes of the company, including its innovative pipeline and a “balanced risk portfolio.” The generics group is “a strong business that generates significant cash,” he added on Teva’s first-quarter earnings conference call.

But what has inspired him the most is the “can-do” attitude of his workforce, he said.

Next week, Teva will reveal its new strategic framework and priorities during an investor day. In developing the strategy, Francis said he and other executives challenged themselves to create “real value” in the challenging biopharma market.

“We have made some clear choices in this strategy, some clear prioritization, and we have a focused company going forward,” Francis said on the company’s conference call. 

Elsewhere, the company is excited about its recent approval for extended-release injectable schizophrenia treatment Uzedy, which it developed in partnership with France’s MedinCell.

As for its anticipated Humira biosimilar, Teva is awaiting word from partner Alvotech after a recent manufacturing-related FDA rejection.

After reporting first-quarter results, Teva maintained its 2023 guidance of generating revenues between $14.8 billion and $15.4 billion.