Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today reaffirmed its full-year guidance, after reporting higher revenue and profits for the second quarter of 2014. The company beat the analysts' earnings per share consensus by $0.01, but missed the revenue consensus by $110 million.
Revenue rose 2% to $5 billion for the first quarter from $4.9 billion for the corresponding quarter of 2013. GAAP-based net profit rose 18% to $744 million ($0.87 per share) for the first quarter from $630 million for the corresponding quarter, and non-GAAP net profit rose 8% to $1.04 billion ($1.22 per share) from $960 million.
First quarter global Copaxone sales were 1% higher than in the corresponding quarter: 1% growth in US sales to $816 million, following a price hike in January, offsetting a 2% drop in non US sales to $254 million, due to the timing of tenders in Russia which took place in the first quarter of 2013 but not in the first quarter of 2014, and was partially offset by higher sales in Europe.
The higher 40-mg dosage of Copaxone accounted for 10.5% of total prescriptions for multiple sclerosis in the US as of mid-April 2014. The market share for the regular and higher Copaxone dosages was 33.5%. The higher Copaxone dosage accounted for 31% of all Copaxone prescriptions.
Generic revenue rose 3% to $2.4 billion for the first quarter from $2.3 billion for the corresponding quarter. US generics sales rose 17% to $1 billion for the first quarter, but European sales fell 4% to $818 million. Specialty medicine revenue rose 3% to $2.11 billion for the first quarter from $2.05 billion for the corresponding quarter.
Teva president and CEO Erez Vigodman said, “We are intensely focused on solidifying the foundation of Teva, maintaining the Copaxone franchise, driving sustainable organic growth, and positioning Teva for long-term value creation. During 2014, we will deliver significant savings as part of our cost reduction program, accelerate the transformation of our operations network, strengthen our global leadership in generics and continue to increase confidence in Teva.”
Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2014
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