Teva's 2nd-qtr 2008 profit up 5% to $539M

World generics giant Teva Pharmaceutical Industries saw net sales rise 18% year-on-year to $2.82 billion in the second quarter of 2008, beating analyst expectations. The Israeli firm said its record sales were largely thanks to its branded multiple sclerosis drug Copaxone (glatiramer).

Net income rose 5% to $539.0 million, while diluted earnings per share totaled $0.65, a 3% increase, as Copaxone consolidated its number one position in the USA, while global sales of the MS drug rose 29% to $563.0 million.

Pharmaceutical turnover in North America reached $1.50 billion, accounting for 56% of total drug sales and representing an increase of 12% year-on-year, benefiting primarily from the launches of generic version of the GlaxoSmithKline antidpressant Wellbutrin XL (bupropion HCl Extended-Release Tablets, 150 mg) and Johnson & Johnson's blockbuster antipsychotic Risperdal (risperidone) during the period, as well as sales of other generic products launched in the previous two quarters, coupled both with strong sales of Copaxone and the fact that Teva now records 100% of the sales of the agent in the territory.