Teva 4Q profit rises on new products |
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Tue, 13 Feb 2007 14:58
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NEW YORK (AP) - Generic drug developer Teva Pharmaceutical Industries Ltd. said Tuesday its fourth-quarter profit rose 51 percent on sales of new products and the inclusion of the Ivax acquisition.The Israel-based company earned $460 million, or 56 cents per share, compared with a profit of $305 million, or 45 cents per share, during the same period a year prior. Revenue rose 63 percent to $2.28 billion from $1.4 billion.Analysts polled by Thomson Financial expected profit of 58 cents per share on revenue of $2.26 billion.North American sales accounted for 59 percent of the total quarterly sales, with antidepressant drug Bupropion XL leading sales of 18 new products, the company said. Another antidepressant -- Venlafaxine -- was also among the new drugs on the market in the fourth quarter.revenue also gained from higher sales of multiple sclerosis treatment Copaxone and the introduction of Azilect in the U.S. and Canada for Parkinson's Disease.For the full year, the company earned $546 million, or 69 cents per share, compared with a profit of $1.07 billion, or $1.59 per share, in 2005. Revenue rose to $8.41 billion from $5.25 billion.In January of 2006, Teva paid more than $7 billion to buy rival generic drug developer Ivax Corp.Teva shares rose 64 cents to $36 in premarket activity.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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