Teva Pharmaceutical Industries has posted a strong set of financials for the second quarter, boosted by sales of its multiple sclerosis drug Copaxone, strong generics growth in the USA and the contribution of Cephalon products.
Net income rose 50% to $863 billion, while sales increased 19% to $4.99 billion. Turnover soared 28% in the USA to $2.46 billion, helped by the inclusion of Cephalon sales - notably the sleep disorder drug Nuvigil (armodafinil) and the cancer treatment Treanda (bendamustine) reached $148 million.
The US business also benefited from the launch of four generics as well as "continued benefits from first-quarter launches which included several medicines that were either exclusive or semi-exclusive or otherwise had limited competition", said Teva. They included generics of Eli Lilly's antipsychotic Zyprexa (olanzapine) and Forest's antidepressant Lexapro (escitalopram).
In Europe, revenues were unchanged at $1.47 billion, while turnover in the rest of the world climbed 21% to $1.06 billion. The latter was boosted by boosted by the inclusion of Cephalon and Taiyo in Japan and a strong performance in Russia.
The Israeli company’s branded business was again dominated by Copaxone (glatiramer acetate). The treatment brought in $982 million, an increase of 12%, due in part to Teva recording a first full quarter of sales since getting back distribution and marketing rights from Sanofi in Europe. The firm also noted that during the quarter there were favourable court rulings in both the USA and UK "which should ensure protection of Copaxone from generic competition until September 2015".
Sales of Azilect (rasagiline) for Parkinson’s disease reached $95 million, up 36%. Global respiratory revenues were flat at 209 million, while Teva's women's health business had turnover of $112 million, down 6%. Over-the-counter revenues were up 21% to $219 million.