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Teva reports record sales

Generic pharmaceutical company Teva has reported record net sales of $2.8bn in the third quarter of 2008

Generic pharmaceutical company Teva has reported record net sales of $2.8bn in the third quarter of 2008. An increase of 20 per cent compared to the same period in 2007.

Copaxone, the company's leading MS therapy, made a significant contribution to the Israel-based company's profits, generating global market sales of $562m – a 28 per cent increase over Q3 2007. Cash flow from operations more than doubled to $710m.

"This was a very good quarter for Teva," said Shlomo Yanai, Teva's president and CEO. "In the midst of these turbulent economic times, we experienced once again the benefits of our balanced business model. Robust sales of our generics products -particularly in the US and our international markets - combined with Copaxone's continued global leadership of the MS market, the growth of Azilect, and excellent sales of our Pro-Air inhalers contributed to our strong performance this quarter."

Pharmaceutical sales in North America reached $1.6bn and accounted for 60 per cent of total pharmaceutical sales while sales in Europe accounted for 25 per cent of the company's sales and reached $395m.

At the end of October 2008, Teva had 145 products waiting for US Food and Drug Administration (FDA) approval, including 41 tentative approvals. During 2008, the company has received approvals from the European Medicines Agency  (EMEA) relating to 124 products and is waiting for a decision on 203 other products.

Speaking to Reuters, Yanai commented that the generic drug industry would benefit from the administration of US President-elect Barack Obama. He also said that Teva was in a strong position to benefit from the global financial crisis.

6th November 2008

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