Teva predicts 15% revenue growth in 2010 to $16b

The company reiterates profit guidance of $4.40-4.60 per share for the year.

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) reiterated its profit guidance of $4.40-4.60 per share in 2010 in the conference call following the publication of its financial report for the fourth quarter and full year of 2009. Teva also predicts 15% revenue growth to $16 billion, in line with analysts' forecasts.

Sales of Copaxone, Teva's treatment for multiple sclerosis, totaled $747 million in the fourth quarter of 2009, 25% more than in the corresponding quarter of 2008. Fourth quarter Copaxone sales in the US totaled $509 million, 33% more than in the corresponding quarter. Global Copaxone sales totaled $2.82 billion in 2009, 25% more than in 2008.

Teva said that it has 216 generic drugs in the pipeline waiting for US Food and Drug Administration (FDA) approval. Aggregate annual sales of the brand versions are $113 billion in the US alone. 140 of the drugs challenge the patents of the brand versions. Teva believes that it is the first company to request FDA approval for 89 of the generic versions, which, if approved, will give 180 days exclusive marketing rights.

In a separate development, Teva settled a patent lawsuit with Novartis AG (NYSE: NVS; LSE: NOV; SWX: NOVZ) over Teva's generic version of the Novartis antiviral drug, Famvir, for the treatment of herpes and shingles. The companies did not disclose how much Teva will pay Novartis.

Teva's share fell 0.9% in early trading on Nasdaq today to $58.31. The share fell 1.1% on the TASE.

Published by Globes [online], Israel business news - - on February 16, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018