Teva Moves To Cope With Increased Competition

Israeli drugmaker Teva said 1994 net income grew 24.5% to $71.6 million, while sales were up 17.1% over the $502 million reported for 1993. Fourth-quarter 1994 sales rose 22.3% to $160.6 million while net income improved 17.3% to $19 million.

In 1994, Teva says it took important steps to face the changes in its major markets. Increased competition in the local and international generics markets, and the industry consolidation which it created, guided the company's activity at home and abroad. Teva has reorganized internationally and says it is geared to develop and produce more drugs with a higher level of efficiency, and to improve customer service.

The new market conditions led to a substantial extension of the pharmaceutical and chemical production capacity, through a large investment program which was implemented in 1994, and is expected to continue throughout 1995. The company is also exploring possibilities of expanding its presence in the major markets via acquisitions and strategic alliances.