Teva Q4 profit doubles
Israel-based pharmaceutical company says financial results helped by strong demand for its generic drugs in Europe, North America
Teva Pharmaceutical Industries, the world's biggest maker of generic drugs, said on Tuesday fourth-quarter profit doubled, helped by strong demand for its drugs in Europe and North America.
For the fourth quarter, Israel-based Teva recorded a quarterly net income of $771 million, or 85 cents a share, more than doubled from $379 million, or 42 cents per share, a year ago. Quarterly non-GAAP net income was $1.1 billion, or $1.25 per share.
Quarterly net sales rose 16% to $4.4 billion.
Analysts were expecting Teva to earn $1.29 a share, on revenue of $4.64 billion, according to Thomson Reuters I/B/E/S.
Fourth-quarter sales in North America rose 7 percent to $2.49 billion, accounting for 56 percent of total sales, the company said.
Fourth-quarter sales in Europe surged 43% to $1.32 billion, accounting for 30% of total sales, which benefited primarily from the consolidation of ratiopharm results.
"During 2010 Teva became the generics leader in Europe and increased our presence in key emerging markets," chief executive Shlomo Yanai said.
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