(RTTNews) - Generic drug maker Teva Pharmaceutical Industries Ltd. (TEVA: News ) on Tuesday posted higher profit for the third quarter, boosted by strong sales of its multiple sclerosis drug Copaxone and Albuterol inhaler ProAir. Per share earnings, however, declined from last year on higher share count.

Q3 Results

The Petach Tikva, Israel-based company's GAAP net income attributable to Teva was $649 million, up from $631 million in the year-ago quarter. However, per share earnings dropped to $0.72 from $0.77 reported in the same quarter of last year.

On a non-GAAP basis, net income attributable to Teva advanced 28% to $806 million, from $630 million in the prior-year quarter. Non-GAAP earnings per share grew 16% to $0.89 from $0.77 in the comparable quarter of the previous year.

On average, 20 analysts polled by Thomson Reuters expected the company to post earnings of $0.88 per share. Analysts' estimates typically exclude special items.

The recent quarter non-GAAP results exclude amortization of purchased intangible assets and inventory step up of $147 million; restructuring charges of $47 million; impairment of assets of $37 million; legal settlements of $13 million; and a related tax benefit of $87 million. The prior-year non-GAAP results excluded a settlement payment from an institution in connection with its auction rate securities portfolio, offset by amortization of purchased intangible assets, acquisition of in process R&D, impairment of financial assets, inventory step-up, and a related tax effect.

Teva stated that the share count used for the diluted earnings per share for the third quarter of 2009 increased by about 78 million shares versus last year due, primarily, to the shares issued in connection with the acquisition of Barr.
Operating income, on a GAAP basis, for the latest quarter increased to $753 million from $622 million in the third-quarter of 2008. Non-GAAP operating income was $997 million, an increase of 42%, compared to $700 million a year ago.

Quarterly net sales totaled $3.55 billion, 25% higher than the previous year's net sales of $2.84 billion, but fell shy of the $3.63 billion revenue consensus estimate of nineteen analysts polled by Thomson Reuters.

The company noted that the acquisition of Barr contributed to the growth in sales in all of Teva's geographies, particularly in the U.S., Russia, Poland, Germany, and Croatia.

Exchange rate differences negatively impacted sales in the latest quarter by about $160 million or 6%, versus prior year, resulting primarily from the strengthening of the U.S. Dollar relative to the Hungarian Forint, Russian Ruble, Euro, British Pound, Polish Zloty and Israeli Shekel in the third quarter of 2009.

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