Amtech investment house pointed out today a 4% increase in the price of Copaxone, the flagship drug of Israeli pharmaceutical giant Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA). The price hike will apparently boost Tevs's results for the third quarter of this year.
This price hike follows a 9% increase in the price of the drug during the first quarter of 2006, and is the second price increase in the past seven months. According to the investment house, most investors did not foresee this last price hike, or at least did not expect it so soon.
In light of recent weakness in Teva's stock price, analysts believe that the company is a good buy for the long term, and expect the stock to continue its rising trend over the next 6-12 months.
Second quarter revenue from sales of Copaxone, which is a treatment for multiple sclerosis, was $353 million, an increase of 22% on the corresponding quarter of 2005. Sales of the drug make up 16% of Teva's sales.
Published by Globes [online], Israel business news - www.globes.co.il - on August 22, 2006
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