Teva Pharmaceutical Industries has posted a strong set of financials for the fourth quarter, boosted by sales of its multiple sclerosis drug Copaxone, and the contribution of recently-acquired Cephalon.
Net income rose 23% to $1.40 billion, while sales increased 28% to $5.68 billion. Turnover rose 32%% in the USA to $3.00 billion, primarily due to the inclusion of Cephalon sales - the sleep disorder drug Provigil (modanafil) and its long-acting follow-up long-acting drug Nuvigil (armodafinil) brought in $350 million and $86 million, respectively, while sales of the cancer drug Treanda (bendamustine) reached $131 million.
The US business also benefited from the exclusive launch of a generic of Eli Lilly's blockbuster antipsychotic Zyprexa (olanzapine) and an agreement with Ranbaxy relating to the commercialisation of a copycat version of Pfizer's Lipitor (atorvastatin).
In Europe, sales hit $1.50 billion, representing a rise of 13%, attributable mainly to an increase in generic sales in Spain and Italy. Turnover in the rest of the world shot up 44% to $1.10 billion, boosted by the inclusion of Taiyo in Japan.
The Israeli company’s branded business was again dominated by Copaxone (glatiramer acetate). The treatment brought in $927 million, an increase of 11%, while sales of Azilect (rasagiline) for Parkinson’s disease reached $83 million, up 26%,
Global respiratory revenues were up 27% at $275 million, while Teva's women's health business had turnover of $93 million, down 4%. Active pharmaceutical ingredient sales to third parties totalled $197 million, a rise of 9%.
Chief executive Shlomo Yanai said Teva ended 2011 "on a strong note, despite the challenges we faced during the year”. He said the results "demonstrate the strength of our balanced business model, with its focus on growth and…on reducing dependence on any one particular market or product".