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Teva sees profit increase of 53 per cent

Teva Pharmaceuticals has reported an increase in profit of 53 per cent for the second quarter of 2010

Israel-based company Teva Pharmaceuticals has reported an increase in profit of 53 per cent for the second quarter of 2010.

A strong showing for Teva, one of the world's leading generics companies, saw net income reach $797m, with earnings per share (EPS) also increasing to $0.88.

The non-GAAP (generally accepted accounting principles) results, which make adjustments to exclude special one-off items such as legal settlements and acquisitions, were also strong for the company with growth of 32 per cent to $981m.

"This was truly a superb quarter, in which Teva achieved record-breaking results, including outstanding organic growth," said Shlomo Yanai, president and CEO, Teva.

"It was an especially strong quarter in North America, where we had nine new product launches, and in Europe, where we experienced solid growth despite the challenging market environment."

North American product launches included generic versions of Merck's blood pressure drugs Hyzaar (losartan potassium - hydrochlorothiazide) and Cozaar (losartan potassium) as well as Teva's own version of Bayer's contraceptive pill Yaz (drospirenone and ethinyl estradiol).

Sales in the region reached $2.47bn, accounting for 65 per cent of the company's total sales. European sales remained strong too, coming to $811m. This contributed to worldwide sales of $3.80bn for the quarter – an increase of 12 per cent from $3.40bn in 2009.

Copaxone (glatiramer acetate) performed especially well, remaining the biggest selling multiple sclerosis (MS) therapy worldwide. Sales of the drug reached $773m for the quarter, with US sales climbing 21 per cent to $531m.

Commenting on the rest of the year, Yanai said: "2010 is well on track to becoming another year of profitable growth and major achievements for Teva, a year in which we will make significant progress towards achieving our long-term strategic objectives."

27th July 2010

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