Teva's net rockets 124% in 2nd-qtr 2006

Israel's Teva Pharmaceutical Industries, which since its acquisition of IVAX (Marketletters passim) has become the world's largest generic drugs firm, has posted a massive 77% rise in second-quarter 2006 sales to $2.17 billion, with adjusted net income leaping 124% to $541.0 million. Reported net profits were $488.0 million, or $0.59 per fully diluted share. This is the first quarter that IVAX has been included, and the results were way ahead of consensus forecasts of $367.0 million earnings.

The group currently expects 2006 sales to reach around $8.5 billion and is increasing its previously-announced 2006 earnings per share range expectations relating to adjusted (before certain charges) fully-diluted EPS from $2.02 to $2.15 (including cholesterol-lowerer simvastatin exclusivity) to be in the range of $2.15 to $2.25.

Second-quarter sales in North America reached $1.23 billion, a jump of 97%, benefiting from seven new product launches in the USA, including simvastatin (Merck & Co's former blockbuster Zocor) and pravastatin (Bristol-Myers Squibb's now off patent Pravachol brand).