Second quarter sales of multiple sclerosis treatment Copaxone rose to $773 million in the second quarter, contributing to net sales of $3.8 billion for Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), the pharmaceuticals company reported today.
Non-GAAP net profit rose 32% over the corresponding quarter, to $981 million ($1.08 per share). The earnings per share figure beat estimates of $1.04 per share.
Net sales were 12% higher than the $3.4 billion recorded in the corresponding quarter.
US sales of Copaxone rose 21% to $531 million compared with the second quarter of 2009. Outside the US, sales were essentially unchanged at $243 million, compared with the corresponding quarter. Sales rose in Europe and Latin America, but were offset by weaker sales in other international markets due to what Teva said was the timing of tenders. In local currency terms, in-market sales of Copaxone outside the US grew 2% in the second quarter.
Global in-market sales of Parkinson's disease treatment Azilect were $70 million in the quarter, a 29% increase over the corresponding quarter, as sales rose in Europe, mostly in France Spain, Italy and Germany. In local currency terms, global in-market sales of Azilect grew 33% in the second quarter.
Teva CEO Shlomo Yanai said, “It was an especially strong quarter in North America, where we had nine new product launches, and in Europe, where we experienced solid growth despite the challenging market environment.”
North America sales (65% of Teva's total sales) jumped 17% to $2.467 billion, from $2.108 billion in the corresponding quarter. Sales in Europe (21% of total) rose only 4% to $811 million, from $777 million, and sales in other locations rose 1% to $522 million, from $515 million.
As of July 16, Teva had 206 product applications awaiting final FDA approval,including 44 tentative approvals. The brand products covered by these applications had combined annual US sales of over $107 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2010
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