Teva 4th-qtr 2010 results disappoint despite 33% leap in EPS

Israel-headquartered Teva Pharmaceutical Industries (Nasdaq: TEVA), the world’s biggest generics drugmaker, failed to meet analysts’ expectations despite posting strong fourth-quarter 2010 results, with sales rising 16% to $4.42 billion, but missing the average analyst estimate of $4.65 billion.

Earnings excluding some costs leapt 34.6% to $1.14 billion, or earnings per share of $1.25, up 33% year-on-year, driven by rising sales of the firm’s branded Copaxone multiple sclerosis drug Copaxone (glatiramer acetate), the company said yesterday. Net income rocketed 103% to $771 million for the quarter. Profit missed the average estimate of $1.28 a share from 21 analysts surveyed by Bloomberg in the past month.

The shares fell as much as 2.7%, the most since September 16 last year, and traded down 2.3% to 196 shekels at 1:46 pm local time. “Everything was weak outside of Copaxone,” said Gilad Alper, a Tel Aviv-based analyst for Meitav quoted by Bloomberg; he rates the shares “market perform.”