Teva impresses investors with higher than expected profits
Globes correspondent
25.07.2001 11:45
Teva (Nasdaq: TEVA) today reported net profits for the second quarter of $64 million or $0.47 per share, representing increases over last year of 41% and 38%, respectively. The profit per share was significantly higher than market expectations of $0.42.
Second quarter revenue of $514 million was 16% higher than revenue of $443 million that was recorded for the same period last year. North American sales accounted for 63% of total second quarter revenue, Europe for 21%, Israel for 12%, with sales in the rest of the world accounting for 4%.
Teva chief operating officer Israel Makov said, “We are very pleased to report results that marked another period of robust growth at Teva. These results validate our strategy of pursuing leadership in the generic industry through the introduction and execution of well-planned activities that are having a positive impact on our sales and overall profitability.”
Makov added, “We are especially proud of developments in our revenue mix, which saw this quarter's 16% increase in sales driven not only by Copaxone but also by increased sales of our existing generic products.”
Copaxone is Teva’s drug for the treatment of multiple sclerosis.
Global sales of Copaxone continued to grow at more than twice the market rate and amounted to a record $91 million, up 54% from the comparable quarter in 2000 and up 24% from the first quarter 2001. North America accounted for 84% of Copaxone sales. Teva said that the registration of Copaxone in Europe, under the mutual recognition procedure, was expected to be completed later this year.
During the quarter Teva launched two products and received tentative and final approvals from the FDA for five products.
Teva said its board of directors was recommended to declare a regular cash dividend of NIS 0.27 (approximately $0.064 ) per ADR for the second quarter of 2001. The board will meet on August 13, 2001.
Teva is among the top 40 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. Over 85% of Teva's sales are outside Israel, mainly in North America and Europe.
In late-morning trading, Teva shares are 1.2% higher in Tel Aviv, on an active NIS 20 million turnover.
Published by Israel's Business Arena on 25 July, 2001 |
