1996 A Year Of M&As For Teva Pharmaceuticals

Israeli pharmaceutical company Teva achieved an increase in net incomein 1996 of 4.4% to $73.42 million. Earnings per American Depositary Receipt amounted to $1.20, compared to $1.15 a year earlier. Net income for the year was $88.3 million before the $14.9 million after tax impact of non-recurring merger expenses. Earnings per ADR were $1.44. Gross profit was $359.73 million, up 21.2%. Sales for the year were $953.78 million, an increase of 17.6%.

In the fourth quarter, net income was $30.3 million, up 61.2%. Earnings per ADR were 49 cents, up from 31 cents in the 1995 fourth quarter. Turnover was $277.66 million, up 20.9%.

1996 was marked by rapid expansion for Teva, with two major acquisitions, APS/Berk and Biocraft, which strengthened its base as a leader in the US generics market and advanced its status in the European generics market, said Eli Hurvitz, the firm's chief executive. At the same time, the acquisitions of Biogal of Hungary and ICI SpA of Italy during the last quarter of 1995 were absorbed into Teva's global operations, he added.