XTL Biopharma files to raise $40m on Nasdaq
Teva CEO: US generics business continued recovery, but Europe was down.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) today reported revenue and profit growth for the second quarter of 2012, in line with the analysts' consensus, and reiterated its full-year guidance.
Revenue rose 19% to $5 billion for the second quarter from $4.2 billion for the corresponding quarter of 2011. GAAP-based net profit rose 50% to $863 million ($0.99 per share) for second quarter from $576 million for the corresponding quarter, and non-GAAP profit rose 14% to $1.1 billion ($1.28 per share).
Cash flow from operations was $1.2 billion for the second quarter, 10% less than for the corresponding quarter and free cash flow was $709 million, down 21%.
Teva president and CEO Dr. Jeremy Levin said, “This was a significant quarter for Teva as we remain on track to reach our financial goals for the year. The US generics business continued to recover with a positive trend, our global branded division experienced strong growth, and our European generics business, while down from last year’s second quarter results due to macroeconomic conditions, showed solid sequential growth from the first quarter of this year. Overall, we continue to see tremendous opportunities ahead, and look forward to rebuilding shareholder value over time."
US sales totaled $2.5 billion for the second quarter, 49% of total revenue, 28% more than for the corresponding quarter. US generics sales rose 18% to $1.05 billion for the corresponding quarter from $908 million for the corresponding quarter, while brand sales, including Cephalon products and the launch of four new drugs, rose 35% to $1.37 billion from $1.01 billion. European sales were unchanged at $1.5 billion, 30% of total sales, where sales of Copaxone, Cephalon products and other brand drugs rose 46% to $402 million for the second quarter from $275 million for the corresponding quarter, offsetting a 1% drop in generic sales.
Teva's sales in the rest of the world rose 30% to $1.1 billion for the second quarter, driven by Cephalon and the acquisition of Taiyo Pharmaceuticals in Japan, and higher sales in Russia, Eastern Europe, Israel, and Latin America.
Worldwide sales of Teva's treatment for multiple sclerosis, Copaxone, rose 12% to $982 million for the second quarter from $877 million for the corresponding quarter, accounting for half of Teva's brand drug sales and a fifth of its total sales.
Brand sales rose 37% to $1.95 billion (39% of revenue) for the second quarter from $1.42 billion for the corresponding quarter (34% of revenue). Teva attributed most of the growth to Cephalon products, especially Treanda and Nuvigil, which offset lower sales of Provigil caused by generic launches of this drug.
Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
You comment was recieved and soon will be published.
Load more comments
XTL plans to initiate a large Phase IIb clinical trial for the treatment of Lupus.
Teva launches generic cancer drug
Brand Xeloda, made by Genentech, had $754 million in US sales in 2013.
Yelin Lapidot takes stake in Brainsway
Brainsway raised NIS 41 million in the private placement.
Barclays upgrades Teva
Barclays raised its recommendation to "Overweight" and its target price to $65.
BiolineRX raises $24m in Nasdaq offering
Three months ago, the company announced promising preliminary clinical trial results.
Teva VP Ika Abravanel resigns
Abravanel's is the first senior departure from Teva since Erez Vigodman became CEO.
FDA approves Pluristem cell production facility
Pluristem's Haifa plant can produce 150,000 doses of PLX cells annually.
Desheh: Splitting Teva will not create value
Teva CFO Eyal Desheh says Teva's tight integration means that a split makes no sense.
InsuLine expanding in Europe
24Care will distribute the company's InsuPad product in the Netherlands and Belgium.
Teva launches generic breast cancer, osteoporosis drug
Teva has 180 days of marketing exclusivity for generic Evista, which had 2013 US sales of $824 million.
BiolineRX raising $21m in Nasdaq secondary offering
The company will use the proceeds to develop leukemia and celiac disease drugs.
MediWound sets terms for $92m Nasdaq IPO
The burns and wounds treatment developer's offering is at a value of $350-370 million.
Opko losses triple
CEO Phillip Frost: From an R&D perspective, all our programs are progressing.
D-Pharm doubles on good interim stroke study results
The Phase IIa trial interim results found the company's drug was safe for cerebral strokes.
Perrigo selling OTC drugs through Amazon
Perrigo: It is also a platform for obtaining good information about consumer behavior.
Teva launches bipolar, schizophrenia treatment
Adasuve is the first orally inhaled medicine for the acute treatment of agitation in schizophrenia and bipolar I disorder.
Perrigo acquires Aspen Global products for $51m
Perrigo bought value-brand OTC products sold in Australia and New Zealand.
Galmed updates $30m Nasdaq IPO prospectus
The liver disease drug developer will issue shares at a company value of $132 million.
Enzymotec shareholders raise $131m in offer to sell
Kibbutz Ma'anit's Galam reportedly sold shares for $46 million.
Compugen raises $63m, Magic $51m
The two companies held secondary offerings on Nasdaq on the basis of shelf prospectuses.
If Rose Fostanes played basketball
Reforms in regulations for foreign caregivers are welcome, but don't go far enough.
Private treatment kills public healthcare
If the German Committee validates private healthcare, it will be the last nail in public healthcare's coffin, argues Prof Dani Filc.
Reducing the number of polyps that colonoscopies miss
EndoChoice's Israel development center has devised an endoscope with a 330-degree arc.
Neopharm moves into orphan drugs
The company, better known for marketing others' products, has been quietly building up its innovative capacity, as VP Tal Fuhrer relates..
Merck Serono Israel incubator nurtures early stage projects
Merck Germany head of pharmaceuticals Dr. Stefan Oschmann says R&D is enjoying a renaissance at big pharma companies.
Israeli biomed cos bring in US CEOs
"Globes" speaks to 3 US CEOs appointed to boost marketing at TASE traded medical device companies.
Alcobra has had two successful Nasdaq offerings this year as it develops an ADHD treatment with fewer side effects.
Restructuring can help Teva's Copaxone woes
Avishai Ovadia argues that Teva can offset falling Copaxone sales by reducing overall company costs.
Enabling diabetes patients to sleep soundly
Excess insulin levels can be fatal when they occur at night. NightSense aims to remove the fear.