Teva Q3 profit up, beats forecast
World's biggest maker of generic drugs posts higher than expected financial results, boosted by strong US sales and its acquisition of Ratiopharm; sales up 20% to $4.25 billion
Teva Pharmaceutical Industries, the world's biggest maker of generic drugs, posted higher quarterly net profit that beat expectations, boosted by strong US sales and its acquisition of Ratiopharm.
Third-quarter earnings per share excluding one-time items rose 46% to $1.30, Israel-based Teva said on Tuesday. Sales rose 20% to $4.25 billion.
Exchange rate differences negatively impacted sales in the quarter by $122 million compared with the third quarter of 2009.
Analysts on average expected Teva to earn $1.27 a share on sales of $4.37 billion, according to Thomson Reuters I/B/E/S.
Teva completed its acquisition of German group Ratiopharm, whose results haven been consolidated since August.
President and chief executive Shlomo Yanai said he expected to complete the integration of Ratiopharm ahead of schedule, "as we look forward to another year of continuous profitable growth".
Global sales of the company's multiple sclerosis treatment Copaxone rose 4% to a record $808 million. With a 30% market share Copaxone is the global market leader.
Teva declared a dividend of NIS 0.7 to be paid December 2.
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