Assuming the rest of the vocal apparatus is human-shaped and has comparable features, yes, they would be able to talk. Vocal resonation would be quite off, and the pitch would likely be higher - rather than growl, your average werewolf would tend to yip (but that may vary as it depends on several other factors).
The lip thickness matters little; much more important is their flexibility. Harder lips would make it difficult to articulate labial consonants. Same difficulty for canines, which might impair labiodental phonation unless lips were more flexible than a human's.
How much difficult would it be to understand such a being depends on the language it spoke. Some languages might be easier than others. It could speak English in Morse code - slow, awkward, but possible.
The key thing is, neither snout nor teeth are necessarily showstoppers. A much more modern-human lookalike, the Neandertal man, might have, or have not, spoken intelligibly depending on the exact shape and location of a throat bone.
Conversely, if the internal vocal apparatus remains modern human, chances are that your werewolf will be able to speak and be understood. Problem might arise from other sources such as respiratory frequency and control; say that the werewolf needs a faster respiration to help fuel its metabolism and get rid of waste heat (maybe with the help of the tongue), this will greatly reduce its freedom of speech and/or degree of comfort in speaking, like a human with shortness of breath.