Teva Pharma sees slowdown in generic revenues

Israel-based Teva Pharmaceutical Industries (NYSE: TEVA), the world largest generics firm but with a banded business as well, reported results for the quarter ended June 30, 2013, showing the revenues for the period dipped 1% to $4.9 billion compared with what had been a strong year-earlier quarter and slightly below consensus expectations of $4.94 billion.

The decrease was primarily attributed to a decline in revenues of generic medicines in the USA and Europe, and exchange rate fluctuations in Teva’s Rest of the World (RoW) markets, primarily in Japan, which had a negative impact of $55 million on sales. The decline was partially offset by higher revenues of blockbuster multiple sclerosis drug Copaxone (glatiramer acetate) and other specialty medicines in the USA and in Europe, as well as by higher revenues from over-the-counter (OTC) medicines.

Generally Accepted Accounting Principles (GAAP) net loss and GAAP loss per share were $452 million and $0.53, compared to $863 million and $0.99, respectively, in the second quarter of 2012. Quarterly non-GAAP operating income of $1.3 billion was down 9%. Quarterly GAAP operating loss was $586 million compared $1 billion a year earlier.