Teva returns to profit, as 4th quarter 2009 sales leap 33%

Israel-based generics drug giant Teva Pharmaceutical Industries met analysts' forecasts, reporting fourth-quarter 2009 net profit of $379 million, or $0.42 per share, compared with a loss of $694 million or $0.88/share a year earlier. Annual non-GAAP net income and non-GAAP earnings per share were $3.0 billion and $3.37, up 22% and 11%, respectively, compared with the year ended 2008. Annual GAAP net income and EPS totaled $2.0 billion and $2.23, respectively, versus $609 million and $0.75 in 2008.

Net sales for the quarter increased 33% to $3.8 billion, compared to $2.85 billion in the fourth quarter of 2008. Net sales for the year increased 25% to $13.9 billion, compared to the previous year. The integration of US firm Barr Pharmaceutical's business - a $7.46 billion acquisition concluded in December 2008 - contributed to the growth in sales in all of Teva's geographies, particularly in the USA, Russia, Poland, Germany and Croatia.

Record global in-market sales were recorded for Copaxone (glatiramer) of $2.8 billion in the year ended 2009, up 25% in the fourth quarter and for the full year compared to 2008. The drug continues to be the leading multiple sclerosis (MS) therapy in the USA and globally, the company said.