Teva Pharmaceutical Industries Ltd. (TEVA) reported GAAP net income for the first quarter of $451 million, compared to $139 million in the first quarter of 2008, while diluted earnings per share was $0.51, versus $0.18 in the last year quarter.
Non-GAAP net income for the quarter totaled $634 million, an increase of 4%, while non-GAAP diluted earnings per share was $0.71, a decrease of 4% from the comparable quarter in 2008.
Net sales for the quarter increased 22% to $3.147 billion from $2.572 billion in the first quarter of 2008. Teva specified that the acquisition of Barr contributed to the growth in sales in all of its geographies, particularly in the U.S., Russia, Poland, Germany, and Croatia.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share on $3.40 billion sales. Analysts' estimates typically exclude special items.
Teva stated that its Board, at its meeting on May 4, 2009, declared a cash dividend for the first quarter of 2009 of NIS 0.60 per share. The record date will be May 12, 2009, and the payment date will be May 27, 2009.
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