Teva Pharmaceutical Industries Ltd., the world's largest maker of generic drugs, said Wednesday its third-quarter profit fell 13 percent as North American sales dropped, partly because of a lack of significant new generic drug launches.
The Israeli company earned $916 million, or $1.03 per share, in the three months that ended Sept. 30. That compares with $1.05 billion, or $1.15 per share, in the same quarter last year. Revenue climbed 2.2 percent to $4.34 billion.
Adjusted earnings were $1.25 per share.
Analysts surveyed by FactSet expected, on average, earnings of $1.22 per share on $4.52 billion in revenue.
The third quarter delivered "an overall mixed performance," Teva CEO Shlomo Yanai said in a statement from the company. But he added that the company expects a strong fourth quarter, including an improved U.S. generics business. Teva recently had an exclusive launch of the generic version of Eli Lilly and Co.'s top-selling antipsychotic Zyprexa.
In the third quarter, North American revenue tumbled 20 percent to $2.18 million. Teva said sales of key products like the generic equivalents of the antidepressant Effexor XR and the heartburn drug Prevacid were either absent or "substantially diminished" compared with last year's quarter, in addition to the lack of new generic launches.
The North American performance was balanced in part by 34 percent sales growth in Europe to $1.34 billion. Sales there were helped mainly by the inclusion of German drugmaker Ratiopharm, which Teva acquired.
The company also saw growth with some of its branded drugs. Global sales of multiple sclerosis treatment Copaxone rose 26 percent to $1.02 billion.
Exchange rate differences between this year's and last year's quarter also accounted for about $148 million in revenue.
Selling and marketing expenses climbed 7 percent to $806 million.