Teva Pharm Q2 Profit, Sales Rise
Teva Pharmaceutical Industries, the world's largest generic drugmaker, reported higher quarterly net
profit on Tuesday, boosted by sales of generic medicines and its own branded multiple sclerosis treatment Copaxone.
The Israeli-based company posted second-quarter net profit, excluding one-time items partly due to acquisition expenses, of $981 million, or $1.08 per diluted share, up from $742 million, or 83 cents a share, a year earlier.
Sales grew 12% to $3.8 billion led by a 17% rise in North America and 10% increase in Europe. Teva was expected to have earned $1.04 on sales of $3.81 billion, according to Thomson Reuters I/B/E/S.
Driven by a gain in the U.S., global sales of Copaxone rose 13% to $773 million to remain the top selling MS therapy, Teva said.
"2010 is well on track to becoming another year of profitable growth and major achievements for Teva, a year in which we will make significant progress towards achieving our long-term strategic objectives," said Shlomo Yanai, Teva's president and chief executive.
Teva, which in March said it would buy Germany's Ratiopharm for €3.7 billion in a bid to expand into the German generics market, had previously forecast 2010 revenue of $16 billion and EPS of $4.40-$4.60 excluding one-off items.
Teva said it would pay a dividend of 0.7 shekel, or about 18.1 cents a share, on Aug. 19. It also paid 0.7 shekel after first-quarter results.
