The first take on Teva Pharmaceutical Industries Ltd's (Nasdaq: TEVA; TASE: TEVA) financial report for the first quarter including positive comments about cash flow from its Parkinson's disease treatment Azilect, and a distinct lack of enthusiasm about women's health and the company's revenue.
Psagot Investment House Ltd. analyst Limor Gruber says that Teva had a reasonable quarter, with lower than expected revenue growth in its generic drug business in Europe, due to the recession. She said that cash flow was strong, and that the company demonstrated excellent working capital management.
Bernstein Research analyst Dr. Ronny Gal was impressed by Azilect sales, and believes that they will peak at $500 million a year.
Harel Finance analyst Steven Tepper notes the weakness in women's health, but believes that the sector will begin growing in a few quarters.
Clal Finance analyst Aviran Revivo says that Teva's multiple sclerosis treatment Copaxone was stronger than ever, but that most growth is coming from outside the US. He pointed to Teva's statement that "sales will not be distributed evenly over the year", and wonders if this hints at future weakness.
Citi analyst John Boris also notes the strong Copaxone sales, as well as sales of Azilect and respiratory products, but also spotted the weakness in women's health.
Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2010
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