Ivax Pharmaceuticals, which is merging with rival Teva in a $7.4 billion dollar deal [[26/07/05a]], yesterday reported a 24% jump in revenues for the second quarter to $464 million. However, net income dropped from $48.1 million in the same period last year to $45.6 million in 2005, as the firm was hit by a higher income tax rate of 30% versus 17% for the comparable quarter.
Said Neil Flanzraich, vice chairman and president of Ivax: “We expect our second half of 2005 to be significantly stronger and confirm our earnings guidance of $0.76-$0.86 per share.” It expects earnings to be in the mid to upper end of this range and has also confirmed guidance for 2006 of $1.35-$1.55 per share.
