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Teva posts positive Q2 results

Teva Pharmaceutical has reported increased sales and profit figures for the second quarter of the year

Teva Pharmaceutical has reported a 0.3 per cent increase in non-GAAP net income to $984m for the second quarter of 2011, on the back of an 11 per cent increase in net sales to $4.2bn.

This is despite sales in North America in the second quarter falling 15 per cent to $2.1bn. Generic and other sales in the US were $903m in the quarter were down by 40 per cent.

The company's sales in Europe in the second quarter of 2011 were $1.5bn, up 82 per cent on 2010. Growth in sales resulted primarily from the acquisition of Ratiopharm, mainly in Germany, France, Spain and Italy. Generics sales in the major European markets grew organically by 10 per cent, and generics sales in Germany grew organically by 8 per cent. Overall organic growth in generics sales in the region was 4 per cent.

Sales in EMEA, Latin America and Asia increased by 22 per cent in the second quarter of 2011 to $635m, accounting for 15 per cent of sales.

Shlomo Yanai, Teva's president and chief executive, said: "Teva's results during the second quarter reflect the positive impact of our strategic initiatives to further diversify our business and develop new growth drivers.

"Contributions from across our company enabled us to offset the challenges we faced in our US generics business. We anticipate increased growth in US generics, as well as continued growth across all our geographies and businesses, in the second half of the year," he said.

The company's net R&D expenditure in the second quarter of 2011 was $243m, compared to $217m a year earlier. Its selling and marketing costs were $794m in 2010, compared to $636m the previous year.

27th July 2011

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