Teva's 3rd-qtr income falls 13%

Israeli drugmaker Teva Pharmaceutical Industries reported net income for the three months ended September 30, 2007, of $525.0 million, or $0.64 per share, down 13.3% on the equivalent period last year. This was despite a 4% increase in sales to $2.4 billion. Analysts surveyed by Thomson Financial had forecast earnings per share of $0.63 and revenue of $2.41 billion.

Observers said that the loss of exclusive sales rights to certain generic drugs and the corresponding drop in US sales, from $1.37 billion to $1.32 billion, were the key reasons for Teva's income decline. On the positive side, revenues from the firm's best selling product, the multiple sclerosis drug Copaxone (glatiramer acetate), increased 24% to $244.0 million.

Despite the earnings drop, the firm remained upbeat, reporting that it has filed 150 Abbreviated New Drug Applications with the US regulator, claiming first-to-file status for 43.