Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) German division manager Michael Ewers has told "Thomson Financial News" partner dpa-AFX that the company plans to expand in the German market, through acquisitions and the obtaining of licenses. "We cannot be satisfied ranking 22nd and having a market share of about 1%," he said.
Last month, Teva missed an opportunity to achieve a significant presence in the German market when it lost the tender for Merck KGaA's (XETRA: MRK) generics business, which was sold to Mylan Laboratories Inc (NYSE:MYL) for €4.9 billion ($6.7 billion).
Ewers said that the company hopes to sign a discount agreement with German health insurance firm AOK on six active ingredients, which will help boost sales this year. "Teva Germany's sales will post clear double-digit growth this year, and we also expect profit to advance," he said.
Teva's German division, doubled its revenue to €60 million in 2006, but these figures are part of its parent's total revenue of $6.24 billion for the same year.
Published by Globes [online], Israel business news - www.globes.co.il - on July 1, 2007
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