Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) today reported revenue of $4.2 billion in the second quarter of 2011, 11% up from the $3.8 billion in the corresponding quarter of 2010.
Sales in North America continued to fall. Teva's revenue in North America in the second quarter of 2011 was $2.1 billion, down 15% on the corresponding quarter of 2010. But overall revenue was boosted by an 82% rise in Europe to $1.48 billion, and a 22% rise in Latin America and Asia to $635 million.
Teva reported non-GAAP net profit of $984 million in the second quarter ($1.10 per share) up from $981 million ($1.08 per share) in the corresponding quarter.
The analysts' consensus for the second quarter was revenue of $4.23 billion and non-GAAP profit of $980 million ($1.09 per share).
Cash flow from operations rose to $1.32 billion for the second quarter from $954 million for the corresponding quarter.
Despite competition from Novartis's new oral multiple sclerosis treatment, global sales of Copaxone reached a new quarterly record of $957 million, up from $907 million in the first quarter of 2011, and up 24% on the corresponding quarter.
Global sales of Parkinson's treatment Azilect reached a record $97 million in the second quarter, up 38% from the corresponding quarter.
Teva also reported that global respiratory product revenue reached $240 million in the quarter, up 9% from the corresponding quarter, global women's health product revenue was $119 million up 45% from the corresponding quarter, and API sales to third parties totaled $183 million in the second quarter, up 12% from the corresponding quarter.
Cash flow from operations during the second quarter of 2011 was $1,324 million, compared to $954 million. Free cash flow excluding net capital expenditures (of $224 million) and dividends (of $203 million) reached $897 million. Cash and marketable securities on June 30, 2011 amounted to $1.4 billion.
Teva CEO and president Shlomo Yanai said, "Teva’s results during the second quarter reflect the positive impact of our strategic initiatives to further diversify our business and develop new growth drivers. Contributions from across our company enabled us to offset the challenges we faced in our US generics business. We anticipate increased growth in US generics, as well as continued growth across all our geographies and businesses, in the second half of the year.”
Teva's share price closed on Nasdaq yesterday at $46.79, giving a market cap of $41.78 billion, and rose 0.9% in after-hours trading to $47.22. The share price fell 0.56% on the TASE this morning to NIS 158.90.
Published by Globes, Israel business news - www.globes-online.com - on July 27, 2011
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