Teva boosted by generics business to generate sales of $5.06 billion in third-qtr

Israel-based Teva Pharmaceutical Industries (NYSE: TEVA) generated sales of $5.06 billion in the third quarter of 2014, maintaining the same revenue as the same quarter in 2013. It reported net income of $836 million, up on the $706 million for the third quarter of last year.

Earnings per share were $1.32, better than the $1.24 that was predicted and an increase of 4% year-on-year for the quarter.

Erez Vigodman, president and chief executive of Teva, said: “The effort we have put forth thus far in 2014 towards solidifying our foundation to drive organic growth is reflected in our strong third quarter results. We delivered improvement in profitability in all businesses, particularly in global generics, which saw profitability increase by 40% year over year. The quarter results are an important example of Teva’s commitment to strengthen our global leadership position in generics, fully execute our cost reduction program, and focus on cash and cash flow generation. We also remain fully committed to transform and simplify our operational network and make quality a competitive competency for us.”