Teva Q1 Profit Up On Higher European Sales
Teva Pharmaceutical Industries, the world's largest generic drugmaker, met forecasts with a 14% rise in quarterly earnings on strong sales growth in Europe following last year's Ratiopharm acquisition.
Israel-based Teva, which last week announced a deal to acquire U.S. specialty drugmaker Cephalon for $6.8 billion, posted first-quarter earnings before certain items of $1.04 per share. Sales rose 12.1% to $4.1 billion.
Teva was expected to earn $1.04 on revenue of $4.27 billion, according to a Thomson Reuters I/B/E/S poll.
Sales of Copaxone, the leading multiple sclerosis treatment with a global market share of 31%, increased 14% to $907 million.
Teva reiterated its outlook, excluding anticipated acquisitions, for 2011 revenue of $18.5-$19 billion and earnings per share excluding items of $4.90-$5.20. Teva declared a dividend of 0.80 shekel.
