Improved Third Quarter For Teva Pharmaceutical

Israeli pharmaceutical company Teva, which recently bid for a 78% stake in the Hungarian company Biogal (Marketletter November 13), has revealed improved financial results for the third quarter and nine months ended September 30, 1995. Third-quarter net income grew 24% to $21.6 million, or $0.39 per American Depositary Receipt. Total sales for the quarter advanced 15% to $165.3 million. For the nine-month period, net income was $60 million, up 14%, with earnings per ADR at $1.10. Sales grew 11% to $474.8 million.

Record sales were reported in all markets. Domestic sales advanced 26% to $66.1 million, with sales outside Israel amounting to $99.2 million, up 9% and representing 60% of total sales. North America remains Teva's largest market representing 46% of total sales.

The 15% overall sales increase for the quarter was in large part due to a rise in pharmaceutical sales in Israel, which advanced 29%. Pharmaceutical sales in North America grew 10% to $64.8 million. Five products have been launched out of the nine new product approvals received in the first nine months of the year. The sales of these five products amounted to $4.5 million in the third quarter.