Teva Pharmaceutical Industries Ltd (TEVA) had a stellar second-quarter, with profits rising 25% on revenue from Copaxone and greater-than-expected savings from the acquisition of Barr Pharmaceuticals.
Sales climbed 20% to $3.4 billion, with currency negatively impacting sales by 9 percentage points. Revenue in the U.S., which accounts for 63% of Teva’s sales, jumped 36% driven in part by the new generic version of the hyperactivity drug Adderall XR.
After purchasing Barr Pharmaceuticals last year for $7.4 billion, Teva said they are ready for another major acquisition and could look beyond generic drugs to areas such as specialty or biotechnology. Such an acquisition could decrease the ratio of generic sales, which currently stands at 70%.
Fueling enthusiasm for the company today was that Teva projected 2010 earnings to be 30% to 35% higher than the 2009 results.
TEVA shares finished the day +4.21%
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Peter J. Lazaroff, Investment Analyst
Tuesday, July 28, 2009
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