Teva reports 25% sales leap for 3rd quarter 2009, boosted by Copaxone

Israel-based Teva Pharmaceutical Industries, the world's largest generic drugmaker, reported higher third-quarter 2009 earnings per share of $0.89, up 16% year-on-year, boosted by the sales of its multiple sclerosis drug Copaxone (glatiramer acetate), and respiratory business. Net sales leapt 25% $3.55 billion. Analysts expected Teva to earn $0.88 a share, excluding items, on revenue of $3.63 billion, according to Thomson Reuters I/B/E/S.

Non-GAAP net income of $806 million, up 28% compared with the third quarter of 2008. GAAP net income totaled $649 million versus $631 million. Record global in-market sales of Copaxone came in at $776 million, up 38%, and the drug continues to be the leading MS therapy in the USA and globally, the company said.

"This was another very strong quarter for Teva, with record-breaking financial results across the board," commented Shlomo Yanai, Teva's president and chief executive. "In fact, for the first time, we crossed the billion dollar mark in quarterly cash flow from operations. All of our business units and geographies continued to grow during the quarter, with especially strong sales of Copaxone, which continued to strengthen its position as the world's leading therapy for the treatment of multiple sclerosis, and of ProAir, the leading albuterol inhaler in the USA." Mr Yanai continued: "This is the time of year when we develop our workplan and update our strategy for the next few years. The process this year is an especially inspiring one, as the more closely we analyze the opportunities ahead, the more excited we become about Teva's future which, in both the near and long-term, looks very bright."