Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) today announced that global in-market sales of its multiple sclerosis treatment Copaxone reached a record $542 million for the first quarter of 2008, 35% more than for the corresponding quarter of 2007.
US Copaxone sales reached $311 million for the first quarter, up 20% on the corresponding quarter. The drug achieved sales leadership in the US multiple sclerosis market in 2007. Non-US sales rose 64% to $231 million
Teva made the announcement to coincide with the publication of Sanofi-Aventis SA's (NYSE:SNY; Euronext:SAN) first quarter financials. Teva assumed responsibility for distribution of Copaxone in the US and Canada from Sanofi-Aventis as of April 1.
Last month, Teva yesterday reported positive results of a study, which demonstrated that early treatment with Copaxone significantly reduced the risk of developing clinically definite multiple sclerosis by 45% compared with a placebo drug. The company presented the findings at the 60th Annual Meeting of the American Academy of Neurology in Chicago. The company added that on the basis of the results, it had applied for marketing authorization to the UK Medicines and Healthcare products Regulatory Agency (MHRA) to extend the use of Copaxone to include the treatment of patients with a first clinical event suggestive of MS, which is currently under review. A similar application requesting an expanded label for Copaxone will also be submitted shortly with the US Food and Drug Administration (FDA).
Clal Finance Batucha analyst Gal Reiter said, "These results are substantially above analysts' forecasts of $450 million in sales for Copaxone."
Published by Globes [online], Israel business news - www.globes-online.com - on April 30, 2008
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