Israeli pharmaceutical company Teva Pharmaceutical Industries reported on Tuesday a 53 percent increase in net profit for the second quarter, thanks to the launch of several new products.
Net profit of the world’s largest generic drug manufacturer rose to $797 million, or $0.88 per share, from $521 million, or $0.58 per share, in the same period last year. In March, Teva agreed to acquire the German drug manufacturer Ratiopharm for $5 billion with the intention of increasing sales in Europe. Excluding one-time costs such as amortization and the acquisition of Ratiopharm, the company earned $1.08 per share in the last quarter.
Total revenues increased by 12 percent to $3.8 billion. Teva is headquartered in Israel but generates most of its revenue in North America. Thus, revenues in the North American region rose by 17 percent to $2.48 billion in the second quarter, influenced by new generic versions of high blood pressure medications Hyzaar and Cozaar, as well as the contraceptive pill Yaz. In the U.S., revenues increased by 14 percent to $1.5 billion. In Europe, they were up by four percent, amounting to $811 million, primarily driven by stronger sales of generic drugs in Italy, Spain, and France. In the rest of the world, revenues increased slightly by one percent to $522 million.
Teva also produces original drugs, such as the multiple sclerosis medication Copaxone. Sales revenue from this drug rose by 13 percent to $773 million. From the sale of the Parkinson’s disease medication Azilect, Teva generated revenues of $70 million, 29 percent higher than in the same period last year. The company also reported strong revenues from the sale of the generic asthma medication for children Pulmicort Respules, the Parkinson’s disease medication Mirapex, and the cancer drug Eloxatin. (H)
