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Teva Shares Rise on Blowout Copaxone Sales

http://biz.yahoo.com/ap/080430/teva_mover.html

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Wednesday April 30, 12:09 pm ET

NEW YORK (AP) -- Shares of Teva Pharmaceutical Industries Ltd. rose Wednesday, after the Israeli drugmaker said global sales of multiple sclerosis Copaxone rose 35 percent in the first quarter to a record $542 million.

In the U.S., sales rose 20 percent to $311 million, and abroad surged 64 percent to $231 million, though the company cautioned that international growth wouldn't be sustainable at that rate. [I.e. the dollar can’t keep falling indefinitely relative to the Euro and other currencies.]

Teva issued the data in conjunction with the release of French drugmaker Sanofi-Aventis SA's earnings report. Teva assumed responsibility for distributing Copaxone in the U.S. and Canada on April 1. [See #msg-28903325 for details.]

Shares rose 99 cents, or 2.2 percent, to $46.73 at midday.

Banc of America Securities analyst Frank Pinkerton said he expects Teva will book 55 percent of Copaxone's domestic sales, but this should increase toward 75 percent in the second quarter. It will rise again in early 2010, when it no longer reimburses Sanofi for certain marketing expenses.

Goldman Sachs analyst Randall Stanicky said Teva's share of $298 million is well above his $250 million forecast, and could add up to 4 cents per share of upside to the company's earnings estimate.

Teva will report first-quarter results early next Tuesday.
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