Teva sales up 20% but Wall Street is cautious
Israeli generics giant Teva Pharmaceutical Industries has reported around 20% jumps in sales and profit in the third quarter of 2008, compared to the same period of 2007, on continued market expansion, but the news met with mixed reactions from analysts.
Revenue was up 20% to $2.84 billion, with sales of the firm's flagship multiple sclerosis treatment Copaxone (glatiramer) reaching $562.0 million, an increase of 28%. R&D costs rose 38% to $194.0 billion. Net income reached $627.0 million, or $0.77 per share, versus $525.0 million, or $0.64 per share. The firm's cash and market securities were unchanged from the start of the period.
Consensus estimates from FactSet Research predicted sales, slightly higher, at $2.9 billion, with lower earnings per share of $0.71. Analysts were generally unimpressed by the report, but held a buy rating for the firm.
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