Generics giant Teva posts 3rd-qtr 2011 sales rise but net income down 13%

The world’s largest generic drugs maker, Teva Pharmaceutical Industries (Nasdaq: TEVA), has reported results for the quarter ended September 30, 2011, with 2% growth in net sales to $4.34 billion. Non-GAAP net income was $1.11 billion or $1.25 per share. GAAP net income was $916 million or $1.03 a share. Non-GAAP operating income was $1.32 billion. compared to $1.44 billion in the third quarter of 2010. Analysts surveyed by FactSet expected, on average, earnings of $1.22 per share on $4.52 billion in revenue.

The company posted strong sales growth in Europe of 34% (24% in local currencies) to $1.34 billion, and 56% in EEMA, Latin America and Asia (49% in local currencies) $817 million. However, turnover in North America in the third quarter was $2,183 million (representing 50% of total sales), a decrease of 20%. Generic and other sales in the USA were $845 million in the quarter, down 48%.

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