Generic pharmaceuticals giant Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) reported third quarter net profit of $806 million, 28% above the corresponding quarter of 2008.
In-market sales of Teva's MS drug Copaxone reached a record $776 million, up 38% compared to the third quarter of 2008. Copaxone has a global market share of approximately 30% in MS treatments. In the US, in-market sales increased 53% compared with the corresponding quarter, to reach $540 million. In-market sales outside the US totaled $236 million, up 12% in dollar terms, compared to the corresponding quarter. In local currencies, in-market sales of Copaxone outside the U.S. grew 23%.
On a per share basis, Teva's non-GAAP profit was $0.89, which beat consensus analyst estimates by $0.01.
Net sales were $3.55 billion, up 25% compared to the third quarter of 2008. However, analysts had expected about $3.63 billion in revenue for the quarter.
Teva said that its acquisition of Barr contributed to the growth in Teva's sales across the globes, particularly in the U.S., Russia, Poland, Germany, and Croatia.
Teva generated $1.025 billion cash flow from operations. CEO Shlomo Yanai said it was the first time Teva crossed the $1 billion mark for that item.
Yanai said, "All of our business units and geographies continued to grow during the quarter, with especially strong sales of Copaxone, which continued to strengthen its position as the world’s leading therapy for the treatment of multiple sclerosis, and of ProAir, the leading Albuterol inhaler in the U.S.
"This is the time of year when we develop our workplan and update our strategy for the next few years. The process this year is an especially inspiring one, as the more closely we analyze the opportunities ahead, the more excited we become about Teva’s futurewhich, in both the near and long-term, looks very bright.”
North America pharmaceutical sales accounted for 63% of total pharmaceutical sales, reaching $2.16 billion. The figure was 34% higher than the third quarter of 2008. Quarterly sales benefited from the launch of generic versions of Ortho Tri-Cyclen Lo and Eloxatin in the quarter, as well as continuing sales of generic versions of Lotrel, Adderall XR), Yasmin, Protonix, as well as Copaxone and ProAir.
As of October 23, 2009, Teva had 210 product applications awaiting final FDA approval, including 40 tentative approvals. Collectively, the brand products covered by these applications had annual U.S. sales of over $113 billion. Of these applications, 136 were “Paragraph IV” applications challenging patents of branded products. Teva believes it is the first to file on 83 of the 136 applications, relating to products with annual U.S. branded sales exceeding $54 billion.
Global in-market sales of Azilect reached $64 million in the quarter, a 39% increase over the corresponding period.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2009
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