Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) reported revenue of $4.1 billion in the first quarter of 2011, 12% up from the corresponding quarter of 2010. Sales in North America were $2.064 billion in the first quarter, 11% lower than the corresponding quarter.
Revenue for the first quarter was below the consensus of 20 top Wall Street analysts who had predicted revenue of $4.25 billion.
However, non-GAAP net profit of $936 million in the first quarter, up 13% from the corresponding quarter, did meet analysts' expectations. Earnings per share was up 14% to $1.04.
Global sales of Copaxone reached $907 million in the first quarter of 2011, up 14% from the corresponding quarter, despite competition from Novartis's new oral multiple sclerosis treatment.
Global sales of Parkinson's treatment Azilect reached a record $90 million in the first quarter, up 16% from the corresponding quarter, primarily attributable to volume growth in Europe and in the U.S.
Revenue in Europe in the first quarter of 2011 amounted to $1.34 billion, up 66% from the corresponding quarter. Revenue in Latin America, Asia, Africa and other international markets in the first quarter totaled $672 million, up 26% from the corresponding quarter. Global respiratory product revenue totaled $229 million in the quarter, up 19%, while global women's health product revenue was $103 million in the quarter, up 30%. API sales to third parties totaled $184 million in the first quarter, up 32%.
Teva reiterated guidance for 2011 (excluding anticipated acquisitions) of revenue between $18.5 billion and $19 billion, with non-GAAP earnings per share in the range of $4.90 to $5.20.
Cash flow from operations during the first quarter of 2011 was $900 million, compared with $886 million. Free cash flow - excluding gross capital expenditures of $234 million and dividends of $203 million, partially offset by proceeds from sales of assets of $50 million reached $513 million. Cash and marketable securities as of March 31, 2011 were $1.1 billion.
Teva CEO and president Shlomo Yanai said, “Teva’s performance during the first quarter provides a good demonstration of the power of our balanced business model, as contributions from our European business, as well as high-growth generics markets in Eastern Europe, Latin America and Asia enabled us to deliver another quarter of double-digit growth.”
Teva attributed the fall in US sales to the closure of the company's plant in Irvine, California (the plant was reopened in April), and the slowdown in production in its Jerusalem plant following the receipt of an FDA warning letter.
Teva's share price closed down 0.11% on Nasdaq yesterday at $47.14, giving a market cap of $42.33 billion. The share price rose 0.32% in after-hours trading to $47.29.
Published by Globes, Israel business news - www.globes-online.com - on May 11, 2011
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