Generic pharmaceutical firm Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) reported record quarterly revenue of $2.84 billion in the third quarter of 2008, an increase of 20% compared with the corresponding quarter of 2007.
Analysts had expected $2.89 billion in revenue for the quarter.
Non-GAAP net profit was $599 million, or $0.72 per share, beating the consensus analyst estimate of $0.70 earnings per share.
Net profit on a GAAP basis was $637 million, or $0.77 per share.
Sales of Teva's multiple-sclerosis drug Copaxone continued to grow, rising 28% compared with the corresponding quarter, reaching $532 million. Sales grew 31% outside the US.
Global sales of Azilect reached $46 million in the quarter, a 38% increase over the third quarter of 2007.
In the conference call following release of the results, Teva management kept up a positive tone. "We have many reasons to be excited about the future," Yanai said.
Teva also revised its annual profit guidance upward. In the last quarter it was raised to $2.69-2.75 per share, but the company is now talking about earnings per share of $2.79-2.85. Out of the $0.10 rise, $0.08 is a technical adjustment arising from income and write downs in connections with ARS investments. The remaining $0.02 is the real growth in Teva's annual profit guidance. The new guidance means an expected net profit of $2.34-2.39 billion in 2008.
Shares in Teva fell 5.04% on Nasdaq yesterday to $40.67, giving a market cap of $31.48 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on November 6, 2008
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