Teva Pharmaceutical Industries has posted a 26.7% decline in net income to $630 million for the first quarter, hit by lower sales of its generics in the USA.
Total sales fell 4% to $4.90 billion, while turnover fell 11% in the USA to $2.44 billion, hit by generic competition to the sleep disorder drug Provigil (modanafil); globally the latter sank 92% to $24 million. Also, the like, year-earlier quarter had benefited from a number of launches including the generic versions of Eli Lilly's antipsychotic Zyprexa (olanzapine) and Pfizer's cholesterol blockbuster Lipitor (atorvastatin).
The Israeli company’s branded business was again dominated by Copaxone (glatiramer acetate) as the multiple sclerosis blockbuster brought in $1.06 billion, an increase of 17%. Sales of Azilect (rasagiline) for Parkinson’s disease reached $93 million, up 29%. Global respiratory revenues were up 15% at $219 million, while Teva's women's health business had turnover of $103 million, a decrease of 5%.
Teva reaffirmed its full year 2013 guidance for revenues of $19.5-$20.5 billion and adjusted earnings per share of $4.85-$5.15.