Teva Pharmaceutical Industries Ltd. Reports First Quarter 2000 Financial Results
First Quarter Earnings Per ADR Up 30%
JERUSALEM--(BUSINESS WIRE)--May 4, 2000--Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) today reported that net income for the quarter ended March 31, 2000, reached $37.9 million compared with $28.3 million reported in the first quarter of 1999 (up 34%) and earnings per ADR were $0.30 (up 30%). Total sales for the first quarter of 2000 rose 17% to $337.3 million.
Eli Hurvitz, President and Chief Executive Officer, commented: "We are pleased with the first quarter results which developed at the planned pace and reflect the impact of the various steps we have put into place over the last years, and the successful implementation of our strategy."
Total pharmaceutical sales that comprised approximately 86% of Teva's total revenue rose 19% and reached $289.2 million. Copley results, which were consolidated for the first time in Q4 of 1999, are included in the reported quarter but are not included in the comparable quarter of 1999.
North America Pharmaceutical Sales reached $152.2 million, up 43% compared to the first quarter of 1999. This increase is due to significantly higher sales of new products which were approved both during the reported quarter and late in 1999 as well as the consolidation of Copley's results. Among the newly launched products are the generic versions of Voltaren XR(R), Adalat CC(R) (both are supplied by Biovail) and Hytrin(R). Subsequent to the end of the quarter, Teva received approvals for the generic versions of Nizoral(R) 2% Cream and Betapace(R) which were immediately launched.
At the end of the quarter, 52 applications were awaiting approval from the FDA (3 of which are Biovail's) including 13 tentative approvals awaiting expiration of either patents or pediatric exclusivity. About half were submitted under paragraph IV, thus, in some of these products, where Teva was the first to submit an application to the FDA, Teva may be granted a 6 month exclusivity period. Total annual sales for these 52 products, in terms of branded drugs, exceed $14 billion.
Pharmaceuticals sales in Europe which comprised 24% of total pharmaceutical sales in the reported quarter, reached $69.3 million, a similar dollar level to that of the first quarter of 1999. In terms of European currency, sales rose approximately 14%. This sales level remained the same in spite of the difficult market conditions in Hungary, increasing competition in The Netherlands, and shifting of sales to the end of 1999, which would have normally been shipped in the current quarter, due in large part to Y2K. l |
