Teva sees 1st-qtr loss of $1.2B, due to IVAX buy

Israeli drugmaker Teva Pharmaceutical Industries says that its losses for the first quarter of 2006, which were $1.0 billion, or $1.40 per share, include a $1.20 billion write-off of in-process R&D projects and $64.0 million in connection with its acquisition of IVAX, which it completed earlier this year (Marketletter January 30). The firm added that it had seen a 28% increase in turnover in the quarter, which hit $1.67 billion including $329.0 million from the sale of IVAX products.

Sales of the firm's multiple sclerosis drug Copaxone (glatiramer acetate) in the USA reached $851.0 million in the period up from $730.0 million in the equivalent period last year, representing 57% of its total pharmaceutical sales. In Europe, the drug generated revenues of $381.0 million, up 17% on the year earlier quarter, contributing to the 26% growth in sales that the company reported for the region.

Teva's active pharmaceutical ingredients sales, including those to the firm's drugmaking division, were $368.0 million, representing growth of 45%. The company added that the substantial increase in internal turnover reflected the higher level of vertical integration that it had undertaken in relation to the anticipated launch of several major products in the second period of the year.