"For the first time, we passed the $1 billion quarterly operating profit threshold. These things are not a given," said Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) CEO Shlomo Yanai at a Teva press conference, following the publication of the company's financial report for the fourth quarter and full year of 2009.
Yanai added, "I can tell you that every quarter and every year is a new challenge. 2009 was characterized by three challenges. At the global level, we are still in a difficult situation. As someone who sees global activity across the world, there are quite a few places in crisis. This also hurts defensive sectors like pharmaceuticals.
"The second thing is that 2009 was a thin year for all matters relating to innovations and patents, so the challenge was much more complex. Without large launches, the task was much more complicated. We're in a period in which currencies fluctuate. All in all, this volatility cost us $580 million this year."
Yanai said, "Geographically, long-term plans call for major growth to come the parts of the world we call 'generic emerging markets'."
Yanai also sought to dispel rumors about the health of Teva chairman Eli Hurvitz. "Since Eli Hurvitz left on medical leave yesterday morning, we've had a flood of responses, which more than anything, express great love for this wonderful man, and about Teva's success worldwide. Eli has successfully undergone treatment for a recently discovered illness. Moshe Many will be his temporary replacement. I wish Eli a speedy recovery and return to the company and his many businesses."
Published by Globes [online], Israel business news - www.globes-online.com - on February 18, 2010
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