Teva profit down 67% on Barr merger costs

Israeli generics giant Teva Pharmaceutical Industries' profit for 2008 fell 67%, year-on-year, due to expenses related to the acquisition of  Barr Pharmaceuticals.

Revenue was up 18% to $11.09 billion, while R&D costs rose 35% to $786.0  million. Net income plummeted to $635.0 million, or 0.81 per share,  versus $1.95 billion, or 2.54 per share.

However, discounting the acquisition costs, the firm would have earned  $2.37 billion, or $3.04 per share, a 22% increase on last year's figure.