Teva 2nd-qtr 2011 US sales downturn compensated by strong European showing

Israel-based Teva Pharmaceutical Industries (Nasdaq: TEVA), the world’s largest generic drugmaker, reported an 11% rise to $4.2 billion in second-quarter 2011 net sales. Quarterly non-GAAP net income and non-GAAP EPS of $984 million and $1.10, compared to $981 million and $1.08, respectively. Quarterly GAAP net income was $576 million, compared to $797 million; GAAP EPS totaled $0.64, compared to $0.88.

Sales in North America in the second quarter were $2.1 billion (representing 50% of total sales), a decrease of 15%. Generic and other sales in the USA were $903 million in the quarter, down 40%. In contrast to last year, the current quarter lacked significant new launches and sales of key products (generic equivalents of Cozaar, Hyzaar, Yaz, Mirapex, Eloxatin, Protonix and Lotrel), sold in the second quarter of 2010 were absent or substantially diminished.

European sales leap 82%