Teva Pharmaceutical Industries has posted a mixed set of financials for the third quarter, boosted by sales of its multiple sclerosis drug Copaxone, while suffering a major decline in US sales.
Net income fell 12.8% to $916 million, while sales increased 2.2% to $4.34 billion. However, turnover fell 20% in North America to $2.18 billion, and particularly sank in the USA (-48% to $845 million).
The Israeli drugmaker noted that the latter decline is due to the fact that in contrast to last year, the current quarter "lacked significant new launches and sales of key products". In Europe, sales hit $1.34 billion, representing a leap of 34% and attributable to an increase in generic sales in Germany, France, Spain and Italy by Ratiopharm, which was acquired last year.
Turnover in the international markets shot up 56% to $817 million, boosted by the inclusion of Taiyo in Japan, which was acquired in July 2011. Teva enjoyed higher sales in the major markets in Latin America and Russia.
The Israeli company’s branded business was again dominated by Copaxone (glatiramer acetate). The treatment brought in record sales of $1.02 billion, an increase of 26% (and up 29% in the USA to $752 million).
Sales of Azilect (rasagiline) for Parkinson’s disease reached $97 million, up 20%, while global respiratory revenues were up 15% at $238 million. Teva's women's health business had turnover of $123 million, up 6%, while active pharmaceutical ingredient sales to third parties totalled $183 million, a rise of 15%.
Chief executive Shlomo Yanai said that the firm expects a strong fourth quarter, especially in the USA. A return to growth there could be led by Teva's exclusive launch of a generic version of Eli Lilly's blockbuster antipsychotic Zyprexa (olanzapine).