Israel'sTeva beats expectations with 40% leap in profit

Israel-headquartered Teva Pharmaceutical Industries (Nasdaq: TEVA) has reported a robust set of first-quarter 2012 financial results, with net revenues rising 25% to $5.1 billion, though below Thomson Reuters analysts forecasts of $5.5 billion.

However, Teva, the world’s biggest generic drugs firm posted non-GAAP operating income of $1.6 billion, an increase of 42% compared to the first quarter of 2011. Non-GAAP net income was $1.3 billion, up 39%, and diluted earnings per share were $1.47, a rise of 41%, compared with analysts’ estimates of $1.44 a share.

“2012 is off to a good start for Teva,” commented Shlomo Yanai, Teva’s outgoing president and chief executive, adding: “We enjoyed a quarter of strong growth for our branded products, in our US generics business, and in the developing markets Teva operates in. All of these served to offset weaker generics sales in Europe, which resulted primarily from the macro-economic conditions in that region.”