Israel-headquartered Teva Pharmaceutical Industries (NYSE: TEVA), the world’s largest generic drugs maker yesterday reported results for the quarter ended September 30, 2012. Net revenues rose 14% to $5.0 billion, falling short of analysts’ consensus expectations of $5.07 billion). Net revenues organic growth of 1.3% compared to the third quarter of 2011, and 6% organic growth excluding the effect of generic competition on Provigil (modafinil).
GAAP net loss and GAAP diluted EPS loss of $79 million and $0.09 compared to $916 million and $1.03, respectively, in the third quarter of 2011. GAAP net income was affected primarily by two significant charges: provision for a loss contingency of $670 million relating to pending patent litigation and impairment, mostly related to in-process R&D, of $481 million.
Non-GAAP operating income of $1.4 billion saw an increase of 6% compared to $1.3 billion in the third quarter of 2011. Non-GAAP net income of $1.1 billion was unchanged compared to the third quarter of 2011. Non-GAAP diluted EPS of $1.28 increased 2% and was better than analysts’ forecasts of $1.25.
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