Teva profit falls 57% on acquisition charges

Israel-based Teva Pharmaceutical Industries' net income dropped 57% for the first quarter of 2008 versus the like period of 2007 due to  exceptional charges paid out for the acquisition of privately-held US  biopharmaceutical group CoGenesys, though the firm's revenue grew  steadily.

GAAP income stood at $147.0 million, or earnings per share of just  $0.18. However, excluding the $382.0 million Teva paid out for  in-process R&D at CoGenesys, adjusted net income becomes $529.0 million,  or $0.64 per share, up 55% and 52%, respectively, year-on-year.

This was driven by 25% sales growth to $2.57 billion overall. 53% of  total revenues came from the USA, where turnover increased 28% to $1.37  billion. Responsibility for Teva's sales in Europe transferred to its  new European division as of the April 1. Europe accounts for 26% of the  firm's revenue and turnover in the region rose 18% to $667.0 million.