Biotech Values

[DewDiligence]

Teva Beats Non-GAAP EPS Consensus by a Penny

[GAAP EPS was bogged down by a non-recurring charge for the CoGenesys acquisition (#msg-26163282).]

http://www.reuters.com/article/marketsNews/idINL0686678520080506

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Tue May 6, 2008 3:22am EDT

TEL AVIV, May 6 (Reuters) - Teva Pharmaceutical Industries Ltd (TEVA), the world's largest generic drugmaker, on Tuesday reported a drop in its first-quarter net profit, weighed by a charge tied to its acquisition of CoGenesys.

Quarterly net income at the Israel-based company was $147 million, or 18 cents per share, compared with $342 million or 42 cents per share a year earlier. On an adjusted basis, which excludes the $382 million charge, Teva earned 64 cents a share. Sales rose 24 percent to $2.57 billion.

Teva was expected to earn 63 cents a share pre-exceptions on revenue of $2.53 billion, according to Reuters Estimates.

Drug sales in North America in the quarter rose 28 percent to $1.368 billion, accounting for 53 percent of sales.

Sales benefited from generic versions of heartburn drug Protonix and high blood pressure drug Lotrel, which were launched in 2007, the launch of a generic version of osteoporosis treatment Fosamax in the first quarter of 2008, and strong sales of Teva's multiple sclerosis treatment Copaxone.

Teva has 155 product applications awaiting approval by the U.S. Food and Drug Administration, for which branded sales are $98 billion a year in the United States.

Drug sales in Europe in the quarter rose 18 percent to $667 million.

Global sales of Copaxone rose 35 percent in the quarter to a record $542 million, driven by higher unit sales and price increases [#msg-28903357].

Teva President and Chief Executive Shlomo Yanai said Copaxone for the first time became the No. 1 global MS treatment.

"During the first quarter, we significantly increased investments in research and development and operations in order to support our growth plans," Yanai said.

Teva's board declared a dividend for the quarter of 0.45 shekel (13.1 cents) per share to be paid on May 29.
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