Teva of Israel posts 75% rise in net income as Copaxone sales rise

Israel's largest drugmaker, Teva Pharmaceutical Industries, hasreported net income of $79 million for the third quarter of 2001, a rise of 75% compared with the like, year-earlier period, while earnings per share increased 71% to $0.58. Net sales for the quarter rose 12% to $506 million.

In terms of products, sales of new generics in the USA drove growth, most notably nabumetone, the active ingredient in GlaxoSmithKline's non-steroidal anti-inflammatory drug Relafen. Once again, Teva's multiple sclerosis drug Copaxone (glatiramer acetate) performed well, with third-quarter sales rising 44% to $95 million. 89% of those sales made in North America.

Teva's chief operating officer, Israel Makov, noted that Copaxone, launched in the UK last year (Marketletter December 11, 2000), has been approved by 15 other European countries and a launch in Germany, which has the largest MS population in Europe, is imminent. The firm added that it will publish full results of a trial of its oral version of Copaxone by the end of the year.