Teva earnings fail to hit forecasts as sales slip

TEVA Pharmaceutical Industries, the world’s biggest maker of generic drugs, reported a one-third rise in adjusted quarterly earnings that fell short of forecasts as US generic sales slipped.

As expected, Teva saw strong sales of its branded multiple sclerosis (MS) drug Copaxone, which raked in a record $938m (£582m) in the period, up 26 per cent year-on-year.

Copaxone, given by injection and the leading MS therapy in the US and globally, now faces competition from Novartis’s new pill Gilenya.

“Copaxone will be with us for many years and it will be profitable,” chief executive Shlomo Yanai said yesterday.

“It won’t last forever because technological advances bring new products, including Laquinimod.”

Teva’s quarterly net income before certain items was $1.25 per share, up 33 per cent on the 2009 period, on sales up 16 per cent at $4.4bn.

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