Teva's EPS rockets, helped by higher sales in USA

Israel-based Teva Pharmaceutical Industries (NYSE: TEVA), the world’s largest generic drugs producer net revenues of $5.0 billion for the second quarter of 2011, an increase of 19% on the like 2011 period, boosted by an upturn in US sales.

GAAP net income and GAAP diluted earnings per share were $863 million and $0.99, an increase of 50% and 55%, respectively. Non-GAAP operating income of $1.4 billion was up 27%. Non-GAAP net income and Non-GAAP diluted EPS of $1.1 billion and $1.28 saw increases of 14% and 16%, respectively.

Net revenues organic growth of 3% compared to the second quarter of 2011, and 7% excluding the effect of generic competition on Provigil (modafinil) for the first-line treatment excessive daytime sleepiness. Provigil was acquired by Teva along with its $6.8 billion purchase last year of US biotech firm Cephalon (The Pharma Letter May 3, 2011), a deal which also helped push branded drug net revenues for the current reporting quarter 37% higher to $1.9 billion for the second quarter. Generic medicines net revenues in the second quarter were $2.6 billion (including API sales to third parties of $200 million), an increase of 9%.