"Significant Increases In Teva Sales And Profits"

Israeli drugmaker Teva has posted a 15.6% increase in first-half 1996 sales to $439.5 million, with net profits after deduction of merger costs - linked to the acquisition of Biocraft Laboratories Inc in May last (Marketletter June 10) - of $19.3 million or $0.32 per American Depository Receipts. Net profits before deduction of merger costs were $34.1 million or $0.56 per ADR compared with $35.9 million or $0.59 per ADR in first-half 1995.

Eli Hurvitz, Teva's chief executive, said the company's performance, excluding the impact of the acquisition, was pleasing, showing "significant increases in sales, profits and operating income."

An analysis of Teva's sales discloses an increase in the seasonality of the business due to the inclusion of both Biocraft and Biogal, which have strong antibiotic sales. Teva's over-the-counter medicines sales in Israel, consisting mainly of cold remedies, reinforce the same trend.