Teva Pharmaceutical Industries Ltd. (TEVA: Quote) on Wednesday said profit in the first quarter grew about 13 percent from last year, amid a 25 percent increase in revenues with growth in both branded and generic products. Adjusted earnings topped Wall Street view.
Shlomo Yanai, Teva's President and CEO who is stepping down today, said, "2012 is off to a good start for Teva. We enjoyed a quarter of strong growth for our branded products, in our US generics business, and in the developing markets Teva operates in. All of these served to offset weaker generics sales in Europe, which resulted primarily from the macro-economic conditions in that region."
Net income attributable to the company grew to $859 million or $0.97 per share from $761 million or $0.84 per share last year.
The latest results included amortization of purchased intangible assets totaling $414 million and impairment of long-lived assets of $87 million, among others.
Adjusted net income climbed to $1.47 per share from $1.04 per share. On average, 23 analysts polled by Thomson Reuters expected earnings per share of $1.44 for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues increased 25 percent to $5.10 billion from $4.1 billion. Analysts estimated revenues of $5.51 billion for the quarter.
Generic products net revenues climbed 12 percent to $2.6 billion in the quarter, while sales of Branded products jumped 54 percent to $2.1 billion.
Net revenues climbed 46 percent in the U.S. to $2.8 billion with growth in both generic and branded drugs.
In Europe, net revenues slipped 2 percent to $1.3 billion, amid lower generic sales due to the macro-economic conditions and healthcare reforms in key European markets.
Net revenues in the Rest of the World increased 21 percent to $1 billion, primarily due to the inclusion of Taiyo and Cephalon, as well as strong performance in Eastern Europe, Latin America and Israel.
Multiple sclerosis drug Copaxone's sales advanced 8 percent to $909 million.
The board on Tuesday declared a cash dividend of NIS 1.00 per share for the first quarter.
TEVA closed on Tuesday at $44.47, up from the prior close of $44.39, on a volume of 3.51 million shares.
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by RTT Staff Writer
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