M&A

3 November, 2009

UPDATE 1-Teva Q3 profit higher as Copaxone sales jump

* Q3 EPS ex items $0.89 vs $0.88 forecast

* Q3 revenues up 25 percent to $3.55 billion

* Copaxone sales up 38 percent to $776 million

TEL AVIV, Nov 3 (Reuters) - Teva Pharmaceutical Industries (TEVA.O), the world's largest generic drugmaker, reported higher quarterly net profit on Tuesday, boosted by the sales of its multiple sclerosis drug Copaxone and respiratory business.

Israel-based Teva (TEVA.TA) posted third-quarter profit of $649 million, or 72 cents per diluted share, compared with profit of $631 million, or 77 cents a diluted share, a year earlier.

Excluding one-time items, Teva recorded net income of $806 million, or 89 cents a share. Revenue rose 25 percent to $3.55 billion.

Analysts expected Teva to earn 88 cents a share, excluding items, on revenue of $3.63 billion, according to Thomson Reuters I/B/E/S.

Global sales of Copaxone rose 38 percent to $776 million.

Strong sales of inhaler ProAir helped sales of Teva's global respiratory business rise 37 percent to $243 million.

Teva said exchange rate differences from a stronger dollar negatively impacted quarterly sales by $160 million, or 6 percent.

"All of our business units and geographies continued to grow during the quarter, with especially strong sales of Copaxone, which continued to strengthen its position as the world's leading therapy for the treatment of multiple sclerosis, and of ProAir," Shlomo Yanai, Teva's president and chief executive, said in a statement.

Teva said its cash flow from operations topped $1 billion for the first time. (Reporting by Tova Cohen, Writing by Steven Scheer; Editing by Mike Nesbit)

Source: http://www.reuters.com