In the midst of its hostile takeover bid for generic rival Mylan N.V., Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has reported its financial results for the first quarter of 2015 in which it raised its earning per share profit forecast for 2015 by $0.05.
Teva reported revenue of $5 billion in the first quarter of 2015, similar to the first quarter of 2014. Non-GAAP net profit was $1.36 per share, up 11% from the corresponding quarter.
Teva beat the analysts who had forecast revenue of $4.84 billion and non-GAAP net profit of $1.25 per share. However GAAP profit in the first quarter fell 40% to $0.52 per share.
Sales of generic pharmaceuticals in the first quarter of 2015 amounted to $2.6 billion, an increase of 9%, or 18% in local currency terms, compared with the first quarter of 2014. But Specialty medicines revenues in the first quarter of 2015 amounted to $2 billion, down 7% compared from the first quarter of 2014. Copaxone sales in the first quarter fell 14% from $1.02 billion in the corresponding quarter of 2014 to $924 million.
Teva president and CEO Erez Vigodman said, “We are extremely pleased with our performance this quarter, which is truly the manifestation of our commitment to solidifying our foundation, driving organic growth and creating the most efficient operational network in the industry. Our commitment to revitalizing our core generics business has resulted in increased revenues and profitability supported by the successful launch of generic Nexium in the US."
He added, "We reinforced our leadership position in CNS with the acquisition of Auspex, where we see great promise in the application of the deuterium platform across a wide spectrum of neurological diseases and associated movement disorders; and with the continued strong performance of Copaxone 40mg which now has a conversion rate of 67%, and maintains market leadership globally in the MS space. We are also excited about the strong performance of TEV-48125 (CGRP MAb) in our Phase IIB chronic migraine study and believe the promise shown in these trials represent significant hope for patients suffering from debilitating migraines.”
Vigodman also said, “We will continue to accelerate this momentum. Our business outlook for the remainder of the year is strong, and as such, we are raising our guidance for full year 2015 to $5.05-$5.35. We are committed to continuing to deliver significant value for shareholders in both the short and long term.”
Published by Globes [online], Israel business news - www.globes-online.com - on April 30, 2015
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