Generic pharmaceutical giant Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) reported record quarterly revenue of $2.8 billion for the fourth quarter of 2008, an increase of 11%.
Non-GAAP net profit for the quarter was $634 million, or $0.76 per share.
On a GAAP basis, Teva reported a quarterly net loss of $688 million, or a loss of $0.88 per share.
The quarterly non-GAAP figures exclude a charge for the acquisition of in-process R&D of $992 million in connection with Teva's acquisition of Barr, impairment of financial assets (primarily auction rate securities) totaling $272 million, impairment of intangible and other assets totaling $107 million, and legal and tax charges.
Revenue for the full year of 2008 reached $11.1 billion.
Teva president and CEO Shlomo Yanai said the results show Teva's ability to deliver continuous, profitable growth. He also mentioned Teva's acquisition of Bentley and its joint venture with Kowa in Japan, but said, "Our most exciting strategic achievement of 2008 was, of course, our acquisition of Barr, which has elevated Teva’s market leadership to an entirely new level. I am delighted to report that with the integration process well underway we believe we will realize even greater synergies from the combination than we initially anticipated.”
Sales of Teva's Multiple Sclerosis drug Copaxone were $595 million in the quarter, and reached a record $2.26 billion for the full year. The quarterly figure was 37% higher than the corresponding quarter of 2007. Quarterly sales of Copaxone in the US were $384 million, an increase of 42% compared with the fourth quarter of 2007, and sales outside the US increased 27% to $211 million.
Global sales of Parkinson's disease treatment Azilect reached $51 million in the quarter, a 50% increase over the corresponding period of the previous year, while annual sales grew 46% compared to 2007, reaching $175 million. Teva said that Azilect continued to experience a gradual increase in market share in major European markets and the US.
As of December 31, 2008, Teva had approximately 3,373 marketing authorization applications pending approval in 30 European countries, relating to 226 compounds in 452 formulations, including 14 pending applications with the EMEA. During the course of 2008, Teva received in Europe 1,197 generic approvals relating to 142 compounds in 272 formulations, including 3 EMEA approvals which apply to all EU member states.
Published by Globes [online], Israel business news - www.globes-online.com - on February 17, 2009
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