Teva 1st-qrt 2011 financials boosted by strong European sales

Israel-based Teva Pharmaceutical Industries (Nasdaq: TEVA), the world’s leading generics firm, reported results for the quarter ended March 31, 2011, in line with forecasts and showing that sales were up 12% at $4.1 billion, boosted by strong growth in Europe, and non-GAAP net income and non-GAAP earnings per share of $936 million and $1.04, up 13% and 14%, respectively. Quarterly GAAP net income was $761 million, up 7%; GAAP EPS totaled $0.84, up 6%.

The company, which is in the throes of expanding into the branded biotechnology sector with the acquisition of USA-based Cephalon in a $6.8 billion deal (The Pharma Letter May 3), reiterated its guidance for full-year 2011 (excluding 2011 anticipated acquisitions) of revenues between $18.5 billion and $19.0 billion, with non-GAAP EPS in the range of $4.90 to $5.20.

"Teva's performance during the first quarter provides a good demonstration of the power of our balanced business model, as contributions from our European business, as well as high-growth generics markets in Eastern Europe, Latin America and Asia enabled us to deliver another quarter of double-digit growth," commented Shlomo Yanai, Teva's president and chief executive.