The pharmaceuticals company reported third quarter earnings per share of $0.89.
Generic pharmaceuticals Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) reported third quarter net profit of $806 million, 28% above the corresponding quarter of 2008.
In-market sales of Teva's MS drug Copaxone reached a record $776 million, up 38% compared to the third quarter of 2008. Copaxone has a global market share of approximately 30% in MS treatments. In the US, in-market sales increased 53% compared with the corresponding quarter, to reach $540 million. In-market sales outside the US totaled $236 million, up 12% in dollar terms, compared to the corresponding quarter. In local currencies, in-market sales of Copaxone outside the U.S. grew 23%.
On a per share basis, Teva's non-GAAP profit was $0.89, which beat consensus analyst estimates by $0.01.
Net sales were $3.55 billion, up 25% compared to the third quarter of 2008. Teva said that its acquisition of Barr contributed to the growth in Teva's sales across the globes, particularly in the U.S., Russia, Poland, Germany, and Croatia.
Teva generated $1.025 billion cash flow from operations. CEO Shlomo Yanai said it was the first time Teva crossed the $1 billion mark for that item.
North America pharmaceutical sales accounted for 63% of total pharmaceutical sales, reaching $2.16 billion. The figure was 34% higher than the third quarter of 2008. Quarterly sales benefited from the launch of generic versions of Ortho Tri-Cyclen Lo and Eloxatin in the quarter, as well as continuing sales of generic versions of Lotrel, Adderall XR), Yasmin, Protonix, as well as Copaxone and ProAir.
As of October 23, 2009, Teva had 210 product applications awaiting final FDA approval, including 40 tentative approvals. Collectively, the brand products covered by these applications had annual U.S. sales of over $113 billion. Of these applications, 136 were "Paragraph IV" applications challenging patents of branded products. Teva believes it is the first to file on 83 of the 136 applications, relating to products with annual U.S. branded sales exceeding $54 billion.
Global in-market sales of Azilect reached $64 million in the quarter, a 39% increase over the corresponding period.