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Teva Pharmaceutical Reports 4th-Quarter Profit

From Associated Press (February 16, 2010)

NEW YORK -- Generic drug developer Teva Pharmaceutical Industries Ltd. reported a fourth-quarter profit on Tuesday from a boost in sales of acquired Barr products and a mix of generic and branded drugs.

The Israeli company completed its buyout of rival generic drug developer Barr in December of 2008.

Teva earned $379 million, or 42 cents per share, compared with a loss of $694 million, or 88 cents per share, during the same period a year prior. Sales surged 34 percent to $3.8 billion from $2.85 billion.

Excluding charges for legal settlements, impairments, and other items, the company said it earned 94 cents per share. Analysts polled by Thomson Reuters expected profit of 95 cents per share on revenue of $3.81 billion.

Teva’s North American sales rose 35 percent to $2.32 billion partly on the introduction of a generic version of the heartburn drug Prevacid Delayed-Release and a generic version of Allegra-D 12 Hour allergy treatment.

Sales in Europe rose 30 percent to $925 million and other international sales rose 35 percent to $553 million.

Global sales of the multiple sclerosis drug Copaxone rose 25 percent to $747 million.

For the full year, the company earned $2 billion, or $2.23 per share, up from $609 million, or 75 cents per share, in 2008. Revenue rose to $13.9 billion from $11.09 billion.

Meanwhile, the company’s board of directors declared a fourth-quarter dividend of 0.70 Israeli shekels, or 18.7 cents per share, marking a 17 percent boost from the prior quarter. The dividend is payable March 10 to shareholders of record as of Feb. 23.

Posted: February 2010