Copaxone driving profit growth at Teva

3 May 2001

Israel's largest drugmaker, Teva Pharmaceutical Industries, hasreported net income of $54.8 million for the first quarter of 2001, a rise of 56% compared with the like, year-earlier period, while earnings per share increased 43% to $0.40. Net sales for the quarter rose 46% to $491 million.

Growth was driven by North American sales (which made up 59% of total turnover), due mainly to the consolidation of Novopharm, but also as a result of new products launched since late 2000. Turnover in Europe made up 24% of sales, with Israel contributing 12%.

In terms of products, Teva's multiple sclerosis drug Copaxone (glatiramer acetate) was again the star performer, achieving sales of $74 million, an increase of 50%. The company noted that Copaxone now has a US market share of 29.8% of new prescriptions, compared with 23.9% a year ago.

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