Israel’s Teva Pharmaceutical Industries recorded a net income of $138 million for the first quarter of 2003 and fully diluted EPS of $0.50, an increase over the first quarter of 2002 of 61 percent and 56 percent, respectively. Net sales for the quarter increased 39 percent to $757 million, with North America accounting for 64 percent of these sales and Europe for 25 percent.
North American pharmaceutical sales totaled $427 million in the first three months of the year compared to $303 million in the first quarter of 2002, an increase of 41 percent. This increase was mainly attributable to sales of Amox/Clav and Mirtazapine, and the cumulative effect of ten additional generic products that were not sold during the comparable quarter of 2002, as well as increased sales of Copaxone.
Pharmaceutical sales in Europe increased 56 percent in the quarter to $163 million. This was mainly attributable to the inclusion of Teva Classics sales that were not included in the first quarter of 2002, as well as increased generic sales, and continued growth of Copaxone. All these, also benefited from the revaluation of the euro and other European currencies against the US dollar, compared with the first quarter of 2002.
Global in-market sales of Copaxone this quarter were $156 million, an increase of 44 percent. US sales increased by 27 percent over the first quarter of 2002 to $109 million, in line with our quarterly targets and reflected a higher growth rate in prescriptions than that of the overall US multiple sclerosis (MS) market. Sales outside the US, mainly in Europe, increased by 109 percent, to $47 million.
Teva Pharmaceutical Industries is among the top 35 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients. — (menareport.com)
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