By Steven Scheer

JERUSALEM (Reuters) – Teva Pharmaceutical Industries (NYSE:) beat fourth-quarter profit expectations as gains in North American sales of Huntington’s disease treatment Austedo and migraine product Ajovy offset declines in generics.

According to the largest generic drugmaker in the world, it reported Wednesday that it had earned 77c/diluted share (excluding one-time items) for its October-December quarter. That’s up from 68c last year. Revenue decreased 8% to $4.1 million.

Teva, an Israeli company, was expected to earn 73cs per share ex-items from $4.29 billion in revenue according to analysts.

Teva projected 2022 adjusted earnings per share of $2.40 to $2.60, and revenues of $15.6 billion-$16.2 million as compared with 2021 adjusted earnings per share of $2.58. Revenues were $15.9 billion and $2.58 in 2021.

Ajovy North American sales increased by 49% to $53m in quarter while Austedo sales increased 52% to $282m. Europe saw Ajovy sales rise 121%, to $29 millions as it continues to be introduced in many countries.

Sales of generics fell by 25% to $905 millions

Teva expects Austedo to have global sales of $1 billion in 2022. This is an increase from the $808 million it had in 2021. Ajovy sales will grow from 313 million to $400 million.

“We expect to see continued growth of our key products Austedo and Ajovy, as well as to continue to advance our core business through the launch of high quality generic medicines around the world,” CEO Kåre Schultz said.

Teva hopes to receive U.S. regulatory clearance for Risperidone LAI as a treatment for people suffering from schizophrenia.

Teva has reached a settlement of $225 Million with the Texas Drug Enforcement Agency to address claims it aided in the spread of an addiction-based opioid epidemic.

Schultz explained that “it is in our best interests to leave these cases behind and keep our eyes on the patients who we serve each day.”