1st Qtr Strong For Teva As Emerges As Global Player

Teva Pharmaceuticals of Israel announced strong growth in the first quarter of 1996. Net profits advanced 18% to $22.3 million and earnings per American Depositary Receipt were $0.41, up 17%. Total sales for the quarter grew 16% to $189.3 million. The first-quarter results include revenues by Teva's Hungarian acquisition Biogal (Marketletters passim).

Turnover in Teva's domestic market was $70.8 million, representing 37.4% of its first-quarter volume. Israeli pharmaceutical sales advanced 11% to $50 million. Outside Israel, revenues grew 33% to $118.5 million. Turnover in central and eastern Europe, which is predominantly in human pharmaceuticals, was $22.4 million, up from $3 million a year earlier as a result of the Biogal acquisition. Total pharmaceutical sales, representing 71% of total revenues, reached $135 million, an increase of 23%.

Sales to third parties of bulk pharmaceutical chemicals increased 46% to $28 million. Around half of this increase represents the inclusion of Biogal's chemical sales and sales of ICI SpA.