NEW YORK (AP) – Teva Pharmaceutical Industries Ltd. said its profit rose 7 percent in the first quarter as its latest acquisitions boosted its sales overseas.
The world’s largest maker of generic drugs said its profit grew to $761 million, or 84 cents per share, from $714 million, or 79 cents per share, a year ago. Excluding one-time items, Teva said it earned $1.04 per share. Revenue increased 12 percent to $4.08 billion.
Analysts expected a profit of $1.04 per share and $4.28 billion in revenue, according to estimates compiled by FactSet.
Revenue from the company’s multiple sclerosis drug Copaxone grew 14 percent to $907 million, and revenue from its Parkinson’s disease drug Azilect grew 16 percent to $90 million. Revenue from the company’s respiratory business grew 19 percent and its women’s health revenue rose 30 percent.
The Israeli company has made a series of deals that expanded its business outside the U.S., which is still its largest market but now only brings in about half of its revenue.
In August, Teva acquired German drugmaker Ratiopharm, and Teva said its European sales rose 66 percent to $1.34 billion. Its North American revenue fell 11 percent to $2.06 billion because of reduced generic drug sales.
Revenue in Eastern Europe, the Middle East, Africa, Latin America and Asia rose a combined 26 percent to $672 million. That business got a boost after Teva bought drugmaker Corporacion Infarmasa of Peru.
Earlier this month, Teva agreed to buy Cephalon Inc., which makes the sleep disorder drug Provigil and the pain drug Fentora, in a deal valued at $6.8 billion or $81.50 per share. The deal is expected to close during the third quarter.
Teva maintained its annual profit forecast of $4.90 to $5.25 per share and $18.5 billion to $19 billion in revenue. Analysts are expecting net income of $5.07 per share and revenue of $18.73 billion on average.
Date: May 11, 2011
Source: Associated Press
