Teva Pharmaceutical 1Q Profit Triples

Tue, 05/05/2009 - 4:58am
NEW YORK (AP) — Teva Pharmaceutical Industries Ltd., the world's largest generic drug developer, said Tuesday its first-quarter profit more than tripled on higher generic drug sales and the addition of Barr Pharmaceutical products. The Israel-based company earned $451 million, or 51 cents per share, up from profit of $139 million, or 18 cents per share, during the same period a year prior. Excluding charges related to the buyout of generic drug developer Barr Pharmaceutical, Teva said it earned 71 cents per share in the latest quarter. Revenue rose 22 percent to $3.15 billion from $2.57 billion. Analysts polled by Thomson Reuters expected profit of 68 cents per share on revenue of $3.4 billion. Analyst estimates typically exclude one-time items. Pharmaceutical sales in North America rose 34 percent to $1.93 billion. Teva said sales benefited from generic versions of Medicis Pharmaceutical Corp.'s acne treatment Solodyn, as well as generic sales of Novartis' blood pressure medicine Lotrel. U.S. sales of Teva's branded multiple-sclerosis drug Copaxone increased 15 percent to $621 million. European sales rose 2 percent to $739 million and other international sales rose 16 percent to $483 million.

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