Teva Pharmaceutical Industries has posted a 37% decline in net income to $320 million for the fourth quarter, hit by lower sales of its generics in the USA.
Sales fell 8% to $5.25 billion, while turnover fell 14% in the USA to $2.62 billion. The like, year-earlier quarter had benefited from "significant launches" including the generic versions of Eli Lilly's antipsychotic Zyprexa (olanzapine) and Pfizer's cholesterol blockbuster Lipitor (atorvastatin). In Europe, revenues were up 2% to $1.53 billion, while turnover in the rest of the world fell 3% to $1.10 billion.
The Israeli company’s branded business was again dominated by Copaxone (glatiramer acetate). The multiple sclerosis blockbuster brought in $1.06 billion, an increase of 14%, due in part to Teva getting back distribution and marketing rights from Sanofi in Europe.
Sales of Azilect (rasagiline) for Parkinson’s disease reached $86 million, up 4%. Global respiratory revenues were up 7% at $256 million, while Teva's women's health business had turnover of $132 million, an increase of 42%. Sales at PGT Healthcare, Teva's over-the-counter joint venture with Procter & Gamble, were $377 million, an increase of 11%.
Chief executive Jeremy Levin (pictured) was upbeat, noting that Teva launched 23 generic products in the USA in 2012, and expects a similar number this year. He added that Copaxone continues to lead the MS market in sales and market share, saying that next month the company plans to file a three-times-a-week version of the treatment to the US Food and Drug Administration.