Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) reported today that on a non-GAAP (generally accepted accounting principles) basis, it earned $1.1 billion net profit in the fourth quarter of 2010, or $1.25 in earnings per share. The figure was below the consensus analysts' estimate of $1.28 per share.
The pharmaceuticals company reported record global in-market sales of its multiple-sclerosis drug Copaxone of $938 million in the fourth quarter, up 26% compared to the fourth quarter of 2009.
Fourth quarter revenue was a record $4.4 billion, up 16%, compared to the fourth quarter of 2009.
Teva reported record full year net sales of $16.1 billion for 2010, up 16%, compared to 2009.
For the full year of 2010, non-GAAP net profit was $4.1 billion ($4.54 per share). Net profit was 36% higher than in 2009, and the EPS figure was 35% higher than in 2009. On a GAAP basis, net profit was $3.3 billion ($3.67 per share).
Teva president and CEO Shlomo Yanai said, “2010 was a great year for Teva, a year in which we delivered record-breaking results across all our geographies while strengthening and expanding our global leadership. During 2010 Teva became the generics leader in Europe and increased our presence in key emerging markets."
In 2010, Teva received 1,846 generic approvals in Europe relating to 196 compounds in 400 formulations. As of December 31, Teva had 3,568 marketing authorization applications pending approval in 30 European countries, relating to 290 compounds in 586 formulations, including nine applications pending with the EMA (European Medicines Agency).
Teva said that as of February 5, it had 206 product applications awaiting final FDA approval, including 44 tentative approvals. Collectively, the brand products covered by these applications had annual US sales of over $121 billion. 134 of the applications were "Paragraph IV" applications challenging patents of branded products.
Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2011
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