Teva Posts Sharp Rises In 2nd Qtr Profits

Israel's biggest drugmaker Teva has posted a 119% rise in second-quarter1997 net profits to $34 million with earnings per share up 120% at $0.55 over the same quarter last year. Net income for the first six months jumped from $34 million to $65 million, a rise of 91%. Sales in the second quarter rose 23% to $270.7 million, bringing total first-half group turnover to $538 million, up 22%.

Eli Hurvitz, the firm's chief executive, said the strong growth is due to sales generated from the launch of a number of generics and to cost savings achieved through the acquisition of Biocraft Laboratories in the USA.

Wait For Copaxone Figures Teva declined to release sales figures for its best-selling product Copaxone (glatiramer acetate) until it has gathered more data, but said that approximately 4,000 multiple sclerosis patients were using the product, with 1,000 new patients starting the drug each month.