Teva Q1 profit rises on international sales
World's largest maker of generic drugs reports 7% increase in profit in first three months of 2011 following series of deals that have expanded its business outside US
The world's largest maker of generic drugs said last week its profit grew to $761 million, or 84 cents per share, from $714 million, or 79 cents per share, a year ago.
Excluding one-time items, Teva said it earned $1.04 per share. Revenue increased 12% to $4.08 billion.
Analysts expected a profit of $1.04 per share and $4.28 billion in revenue, according to estimates compiled by FactSet.
Revenue from the company's multiple sclerosis drug Copaxone grew 14% to $907 million, and revenue from its Parkinson's disease drug Azilect grew 16% to $90 million. Revenue from the company's respiratory business grew 19% and its women's health revenue rose 30%.
The Israeli company has made a series of deals that expanded its business outside the US, which is still its largest market but now only brings in about half of its revenue.
In August, Teva acquired German drugmaker Ratiopharm, and Teva said its European sales rose 66% to $1.34 billion. Its North American revenue fell 11% to $2.06 billion because of reduced generic drug sales.
Revenue in Eastern Europe, the Middle East, Africa, Latin America and Asia rose a combined 26% to $672 million. That business got a boost after Teva bought drugmaker Corporacion Infarmasa of Peru.
Earlier this month, Teva agreed to buy Cephalon Inc., which makes the sleep disorder drug Provigil and the pain drug Fentora, in a deal valued at $6.8 billion or $81.50 per share. The deal is expected to close during the third quarter.
Teva maintained its annual profit forecast of $4.90 to $5.25 per share and $18.5 billion to $19 billion in revenue. Analysts are expecting net income of $5.07 per share and revenue of $18.73 billion on average.
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