Teva 2Q Profit Climbs 53 Percent
From Associated Press (July 27, 2010)
NEW YORK -- Teva Pharmaceutical Industries said its second-quarter net income leapt 53 percent as the biggest generic drug company in the world launched a pair of new products.
Teva is based in Israel, but most of its revenue comes from North America. The company said North American sales grew 17 percent to $2.48 billion in the latest quarter, with results boosted by new generic versions of the blood pressure drugs Hyzaar and Cozaar, and the birth control pill Yaz.
Net income for Teva rose to $797 million, or 88 cents per share, from $521 million, or 58 cents per share.
In March, Teva agreed to buy German drug maker Ratiopharm GmbH for $5 billion in a deal intended to boost its sales in Europe.
Excluding one-time charges like amortization costs and expenses from the Ratiopharm deal, the company earned $1.08 per share. Revenue increased 12 percent, to $3.8 billion from $3.4 billion.
That tops Wall Street’s profit expectations by 4 cents, according to a poll by Thomson Reuters.
Teva also makes brand name drugs including the multiple sclerosis treatment Copaxone. Sales of Copaxone rose 13 percent to $773 million. Sales from its Parkinson’s disease drug Azilect grew 29 percent to $70 million.
The company reported strong sales of generics of the child asthma medication Pulmicort Respules, the Parkinson’s disease drug Mirapex, and the cancer drug Eloxatin.
U.S. sales rose 14 percent to $1.5 billion, Teva said. European sales grew 4 percent to $811 million, boosted by stronger generic sales in Italy, Spain, and France, and rising revenue from Copaxone and Azilect. Other international sales edged up 1 percent to $522 million.
Shares of Teva Pharmaceutical Industries Ltd. rose $1.68 to $51.83 in premarket trading.
Posted: July 2010