Teva Pharmaceutical 3Q Profit Rises 3%
Tue, 11/03/2009 - 3:41am
NEW YORK (AP) — Generic drug developer Teva Pharmaceutical Industries Ltd. said Tuesday its profit rose 3 percent in the third quarter on sales of existing and added Barr products. Teva's net income rose to $649 million, or 72 cents per share, from $631 million, or 77 cents per share, during the same period a year prior when the company had about 78 million less shares outstanding. Sales surged 25 percent to $3.55 billion from $2.84 billion. Excluding charges, the company said it earned 89 cents per share. The company completed its $7.5 billion buyout of rival generic drug developer Barr in December. Analysts polled by Thomson Reuters expected profit of 88 cents per share on sales of $3.63 billion for the Israeli company. Teva's North American sales rose 33 percent to $2.23 billion due to the introduction of a generic version of Ortho Tri-Cyclen birth control and a generic version of the cancer treatment Eloxatin. Other generic drugs sold by the company include versions of the blood pressure treatment Lotrel and the birth control pill Yasmin. Sales of Teva's multiple sclerosis drug Copaxone rose 38 percent to $776 million. European sales rose 14 percent to $830 million, and international sales rose 14 percent to $492 million.