Teva Pharmaceutical Industries has posted another very strong set of financials for the fourth quarter, boosted by sales of its multiple sclerosis drug Copaxone and the contribution of recently-acquired Ratiopharm.
Net income soared 103% to $771 million, while sales increased 16% to $4.42 billion. Turnover rose 7% in North America to $2.49 billion, though generic sales slipped 5%, despite strong performances of copycat versions of Pfizer's antidepressant Effexor (venlafaxine) and AstraZeneca’s asthma drug Pulmicort Respules (budesonide).
In Europe, sales hit $1.32 billion, representing an increase of 43% and attributable to an increase in generic sales in Germany, Spain, Italy, and the UK. Ratiopharm, bought last summer for 3.63 billion euros, made a strong contribution.
The Israeli company’s branded business was again dominated by Copaxone (glatiramer acetate). The treatment brought in $938 million, an increase of 26%. Sales of Azilect (rasagiline) for Parkinson’s disease reached $89 million, up 27%, though global respiratory revenues were down 10% at $254 million, hit by a moderate flu season.
Teva's women's health business, which was acquired as part of its acquisition of Barr in 2009, had turnover of $96 million, up 25%. Active pharmaceutical ingredient sales to third parties totalled $181 million, up $45 million on the like, year-earlier period._
Chief executive Shlomo Yanai said 2010 "was a great year for Teva, a year in which we delivered record-breaking results across all our geographies while strengthening and expanding our global leadership”. He added that the firm has built "a larger, stronger and even more agile organisation", providing the firm with "an exceptionally strong foundation to deliver continuous profitable growth in 2011".